South Korean company Hanwha Techwin announced plans on 27 April to spin off some of its business activities into separate subsidiaries to promote the group’s competitiveness in domestic and international markets.
In a filing to the Korean Exchange (KRX), Hanwha Techwin – part of the Hanwha Corporation – said the restructuring would see activities including the manufacturing of artillery/military vehicles, energy systems, and industrial equipment split into affiliated companies.
Hanwha Techwin’s artillery systems and military vehicles include the K9 Thunder and K55A1 self-propelled howitzers and the K10 ammunition resupply vehicle.
Following the split, which is scheduled to take place on 1 July, Hanwha Techwin will operate four companies, it said in its filing.
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