Hanwha Corp., the holding company of South Koreas chemicals-to-defense conglomerate, will hive off wind power and offshore plant building operations to Hanwha Ocean Co., while separating its solar panel manufacturing business into Hanwha Solutions Corp., as part of the groups management efficiency efforts.
The transfer of the businesses, worth 440 billion won ($327 million), comes as Hanwha Group is gearing up for a leap in the defense industry, a sector the group picked as a growth pillar, alongside renewable energy and aerospace business.
Hanwha Corp. said in a regulatory filing on Wednesday that it is hiving off the wind power operation for 188.1 billion won and the plant construct…
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