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Hanwha Thales, the country’s biggest defense electronics provider, took over a 50 percent stake from the French contractor for 288 billion won ($260 million) Monday and renamed itself Hanwha Systems.
The Seoul-based company was set up in 2000 as a joint venture between Samsung Electronics and Thales Group. Hanwha Group acquired Samsung’s stake in the firm along with other defense and petrochemical units as part of efforts to shore up its presence in the fields.
The new name, chosen in a contest among employees, was endorsed at a stakeholders’ meeting.
The Seoul-based company was set up in 2000 as a joint venture between Samsung Electronics and Thales Group. Hanwha Group acquired Samsung’s stake in the firm along with other defense and petrochemical units as part of efforts to shore up its presence in the fields.
The new name, chosen in a contest among employees, was endorsed at a stakeholders’ meeting.
The buyout -- made through an exercized put option -- is not expected to have any impact on Hanwha Systems’ current operations, a company official said.
“By strengthening our independent management system, we will strive to create synergy with other Hanwha defense affiliates and pursue business in a more consistent manner through speedier decision-making, while maintaining close ties with advanced defense corporations overseas,” CEO Chang Si-kweon said in a statement.
By Shin Hyon-hee (heeshin@heraldcorp.com)
