Following on from the news that Hanwha Group has completed its acquisition of a major shareholding in Samsung Techwin, over 800 executives and employees attended a new vision proclamation ceremony in Seoul.
“Hanwha Techwin will serve as the growth engine for the group and will receive dedicated support from the group” said Kim Cheol-kyo, President of Hanwha Techwin. He also added “we will play the role of a bridgehead for the globalisation of the group through the achievement of our long-term vision.”
At the ceremony it was also announced that the Hanwha Group has significant interest and expectations regarding the security and surveillance business and are planning to promote it as a global top tier business on a long-term basis. Supported by group level investments Hanwha will enhance the security division into a total solution provider through mergers and acquisitions as well as partnerships and joint ventures. It will also invest in proprietary technology and human resources to enhance the business capabilities.
In Korea, Samsung Techwin has changed its name to Hanwha Techwin, whereas in Europe it will remain as Samsung Techwin Europe Limited and the Samsung brand on products will be retained. The company will expand its range of businesses into home safety, personal equipment and cloud services based on Samsung Techwin’s fundamental technologies.
At the ceremony, Hanwha Techwin presented its goal of achieving annual sales of €7.7billion by 2025.