With the launch of Hanwha Engine, South Korea’s shipbuilder Hanwha has become fully equipped to provide total shipbuilding solutions, including engine production with in-house manufacturing and technology capabilities.
Hanwha has officially launched its new affiliate, Hanwha Engine, after successfully acquiring HSD Engine, the world’s second-largest company specializing in low-speed marine propulsion engines.
In accordance with the company, it will leverage Hanwha Engine’s abundant experience in marine engine production and the synergy among Hanwha affiliates to develop and commercialize eco-friendly fuel engines.
At an extraordinary shareholders’ meeting held on February 27, the stakeholders voted in favor of launching a new engine manufacturer under the name Hanwha Engine Co., Ltd.
The company appointed Moon Ghee Ryu, former head of Hanwha Impact’s Investment Strategy Department, as its chief executive.
“The name Hanwha Engine, first and foremost, represents becoming a part of the Hanwha family but it also emphasizes having strong growth engines to propel new opportunities,” said Ryu.
Hanwha Impact is Hanwha Engine’s majority shareholder with a 32.8% stake in the engine manufacturer. Hanwha Impact signed a memorandum of understanding (MOU) with HSD Engine for the acquisition in February last year.
Hanwha Engine is currently developing smart ship solutions for efficient ship operations and alternative fuel propulsion systems.
The company will expand its aftermarket business, offering post-sales support such as sales and repairs of ship parts.
Source: Hanwha
