- Hanwha, a South Korean shipbuilder, has expanded its capabilities to offer comprehensive shipbuilding solutions by launching Hanwha Engine, a new affiliate specializing in engine production.
- The launch follows Hanwha’s acquisition of HSD Engine, the world’s second-largest marine engine company by market share.
- Hanwha Engine aims to capitalize on its experience in marine engine production and synergies among Hanwha affiliates to develop eco-friendly fuel engines, including those powered by ammonia.
- A new engine manufacturer named Hanwha Engine Co., Ltd. was approved at an extraordinary shareholders’ meeting on February 27, with Moon Ghee Ryu appointed as CEO.
- Ryu emphasized that Hanwha Engine’s name signifies its integration into the Hanwha family and its commitment to driving growth through innovation and customer value.
- Hanwha Impact holds a 32.8% stake in Hanwha Engine, making it the majority shareholder.
Hanwha Engine’s Launch Bolsters Total Solutions Portfolio
The introduction of the Hanwha Engine equips South Korea’s shipbuilder, Hanwha, with the complete capability to offer total shipbuilding solutions, encompassing engine production backed by in-house manufacturing and technological expertise.
Hanwha has officially launched its new affiliate, Hanwha Engine, after successfully acquiring HSD Engine, the world’s second-largest marine engine company in terms of market share.
According to the company, it will leverage Hanwha Engine’s abundant experience in marine engine production and the synergy among Hanwha affiliates to develop and commercialize eco-friendly fuel engines, including ammonia.
Established With Moon Ghee Ryu As CEO
At an extraordinary shareholders’ meeting held on February 27, the stakeholders voted to launch 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.
“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. Each of our executives and employees will provide customers with unrivaled value, take on challenges and self-innovate for the future,” said Ryu.
Hanwha Impact is Hanwha Engine’s majority shareholder with a 32.8% stake in the engine manufacturer.
Hanwha Engine is currently developing smart ship solutions for efficient ship operations and alternative fuel propulsion systems. In the future, the company will expand its aftermarket business, offering post-sales support such as sales and repairs of ship parts.
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Source: marinelink
