Hanwha launches new holding firm under Kim Dong-seon

Hanwha Group launched Hanwha Machinery & Services Holdings on Monday, placing 57 technology and lifestyle affiliates under a new holding company whose future strategy will be led by Kim Dong-seon, the group chairman’s youngest son.

Hanwha M&S is scheduled to debut on the Kospi on Aug. 25, following its corporate split from Hanwha Corp., which shareholders approved last month.

The holding company’s technology portfolio includes Hanwha Vision, Hanwha Semitech, Hanwha Momentum and Hanwha Robotics. Its lifestyle businesses include Hanwha Galleria, Hanwha Hotels & Resorts and Ourhome.

Together, its 57 affiliates generated about 6 trillion won ($4.2 billion) in sales and held assets totaling approximately 11.3 trillion won at the end of last year. Hanwha Vision and Hanwha Galleria are already listed on the Kospi.

Kim Dong-seon has been tasked with directing the future strategy of Hanwha M&S and its affiliates. He was promoted to president last week as his two older brothers, Kim Dong-kwan and Kim Dong-won, were elevated to executive vice chairman and vice chairman, respectively.

Kim Hyung-jo, a Hanwha veteran with more than three decades at the group, was appointed Hanwha M&S’ inaugural CEO.

He joined Hanwha in 1994 and has held a range of strategy and operational roles. Most recently, he served for four years as CEO of Hanwha Hotels & Resorts beginning in 2021.

Hanwha said the new holding structure would give each business greater management specialization while strengthening cooperation among affiliates.

“The new structure is expected to help narrow the conglomerate discount while accelerating investment and business expansion across the technology and lifestyle sectors,” a Hanwha M&S official said. “We expect both divisions to emerge as another key pillar of Hanwha Group in the near future.”