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The acquisition of Samsung Techwin was a major talking point as Hanwha Group held its ‘vision proclamation ceremony’ in Seoul.
Outlining its long-term strategy for Samsung’s former surveillance arm the world’s largest solar cell manufacturer said it plans to expand its security portfolio further still through mergers, joint ventures, acquisitions and partnerships.
“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 the newly formed Hanwha Techwin, at the ceremony, where 800 executives and employees were in attendance.
“We will play the role of a bridgehead for the globalisation of the group through the achievement of our long-term vision.”
The Hanwha Group also has plans for capacity building by investing in proprietary technology and human resources.
After becoming the major shareholder Samsung Techwin will now be split between the Asian region, where it will be known as Hanwha Techwin in Korea, while it will continue as Samsung Techwin Europe in the EMEA region, where products will still retain Samsung branding. Hanwha Group is planning to diversify into home security and and cloud services through Samsung Techwin’s technologies.
Another key announcement made during the ceremony concerns the projected sales target set for Hanwha Techwin, with the company expecting to achieve a revenue stream equivalent to €7.7bn in annual sales by 2025.
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Hanwha Group Outlines Growth Vision After Acquiring Majority Stake in Samsung TechwinThe world’s largest solar cell manufacturer said it plans to expand its security portfolio further still through mergers, joint ventures, acquisitions and partnerships.
Bhavesh Kumar
IFSEC Insider | Security and Fire News and Resources
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