Hanwha has officially launched its new affiliate, Hanwha Engine, after successfully acquiring HSD Engine.
Hanwha Engine supplies these engines to leading global shipbuilders, including Hanwha Ocean.
At a shareholders’ meeting held on 27 February, 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 CEO.
Hanwha Impact is Hanwha Engine’s majority shareholder with a 32.8 per cent stake in the engine manufacturer. Hanwha Impact signed a Memorandum of Understanding (MoU) with HSD Engine for the acquisition in February last year.
By adding Hanwha Engine to its list of affiliates following the acquisition of Hanwha Ocean last year, Hanwha has claimed that it is fully equipped to provide total shipbuilding solutions including engine production with in-house manufacturing and technology capabilities.
Leveraging Hanwha Engine’s experience in marine engine production and the synergy among Hanwha’s affiliates.
Hanwha plans to actively develop and commercialise ships powered by eco-friendly fuels, including ammonia.
Hanwha Engine is currently developing smart ship solutions for efficient ship operations and alternative fuel propulsion systems. Going forward, the company plans to expand its aftermarket business, offering post-sales support such as sales and repairs of ship parts.
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“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.
“Each of our executives and employees will provide customers with unrivaled value, take on challenges and self-innovate for the future.”
