1952 - 1963
Foundation
of a Business
Begins chemicalworkshop practice Korea Explosives Company
localizes South Korea’s first
dynamite production and
provides products Korea Explosives Company localizes South Korea’s first
dynamite production and provides products
After the Korean War, Hanwha played a critical role in reconstructing the devastated nation. In 1952, Korea Explosives Co. (currently, Hanwha Corporation) produced industrial explosives desperately needed for the reconstruction of our country’s infrastructure. The company succeeded in producing nitroglycerin in 1959 and became only the second country in Asia to produce industrial explosives. Since then, much has changed and Hanwha today has expanded its business enterprise globally. One thing, however, remains the same: our mission that a business should contribute to its society, which we still adhere to.
- 1952
-
Korea Explosives Company (currently Hanwha Corporation) is founded
- 1953
-
Restores the Incheon Gunpowder Plant
Earns management rights for Joseon Gunpowder Joint Market Company
- 1955
-
Acquires Incheon Gunpowder Plant from Chosun Oil and Fat Company
- 1956
-
Starts to produce ammonium nitrate explosive
Begins practice of acid–catalyzed nitration of glycerol process
- 1957
-
Localizes South Korea's first dynamite
Succeeds in trial nitroglycerin production
- 1958
-
Begins to produce dynamite
- 1959
-
Korea Explosives Company localizes gunpowder and starts to supply products
- 1961
-
Signs an annual 400–ton dynamite supply contract with the US Army
- 1962
-
Begins supplying industrial gunpowder to national infrastructure construction sites
1964 - 1980
Business
Expansions
Holds a groundbreakingceremony for Incheon–si coastal
thermal power plant Holds a groundbreaking ceremony for Incheon–si
coastal thermal power plant Builds Gyeongin Energy
refinery and power plant Builds Gyeongin Energy refinery and power plant
As the nation’s economy grew, so did Hanwha. Our success came from aggressive and strategic investments in key industries that could accelerate the modernization of our nation. In the mid–1960s, we established the Korea Hwasung Industrial Co. (currently, Hanwha Solutions) and entered the petrochemicals business. After launching Kyung–In Energy in 1969, we established Hankook Precision in 1971 (currently, Hanwha Corporation). We sharpened our competitiveness in the machinery business by acquiring Shinhan Bearing Industrial. And in 1972, we continued to advance South Korea's industrialization by constructing Kyung–In Energy's refinery and power plant.
- 1964
-
Acquires Shinhan Bearing Industry
- 1965
-
Establishes Korea Hwasung Industrial Co. (currently, Hanwha Solutions)
- 1966
-
Establishes Taepyeong Trading (currently, Hanwha Corporation Global Division)
- 1968
-
Supplies gunpowder to the Gyeongbu Expressway construction site
Signs a joint venture agreement with US company, Union Oil Company
Chong–Hee Kim inaugurated as Chairman of the Korea Explosives Group
Acquires Cheil Fire & Marine Insurance
- 1969
-
Holds a groundbreaking ceremony for Incheon–si coastal thermal power plant
Establishes Kyung–In Energy
- 1971
-
Establishes Hankook Precision Tools
Establishes Third Petroleum Sale
- 1972
-
Builds Kyung-In Energy refinery and power plant
Establishes Korea Plastic Industry
Chairman Chong–Hee Kim awarded the Venus Cross Medal of Honor, the Greek government’s highest honorary medal, for advancing relations between Korea and Greece
- 1973
-
Acquires Daeil Dairies (currently, Binggrae)
Acquires Dongwon Industry
Establishes Taipyeong Development (currently, Hanwha Hotels & Resorts)
- 1974
-
Establishes Gimpo Ceramics
Establishes Union Polymer (currently, Hanwha Compound)
- 1975
-
Establishes Cheonan Bugil Academy (currently, Bugil Foundation)
Establishes Sungwoon Corporation
- 1976
-
Opens Cheonan Bugil High School
Acquires Sungdo Securities (currently, Hanwha Investment & Securities)
Launches THE PLAZA, Seoul
Establishes Korea System
- 1978
-
Establishes Taepyeongyang Engineering
Builds Yeosu explosives manufacturing plant
- 1979
-
Builds Hanwha Group headquarters (Seosomun–dong 34)
Establishes Samhee Transportation
Acquires Korean Plastics Industrial Corporation
- 1980
-
Reacquires management rights of Korean Plastics Industrial Corporation
1981 - 1995
The Second
Foundation
Seung Youn Kim becomesthe 2nd Chairman of Hanwha Seung Youn Kim becomes the 2nd Chairman of Hanwha Acquires Hanyang Chemical and
Dow Chemical Korea Acquires Hanyang Chemical and Dow Chemical Korea
When Seung Youn Kim became Hanwha’s second chairman, the company’s Second Foundation had effectively begun. And in the aftermath of the global oil shock in the 70s, one of Mr. Kim’s key decisions was to diversify into the petrochemical business by acquiring Hanyang Chemicals and Dow Chemicals Korea. He quickly turned the failing businesses into a global powerhouse (currently, Hanwha Solutions) in the global chemical market. Under Mr. Kim’s leadership, we’ve also diversified into finance and services & leisure. In 1985, we acquired the Junga Group (currently, Hanwha Hotels & Resorts) to become South Korea's leading leisure company.
- 1981
-
Seung Youn Kim becomes the 2nd Chairman of Hanwha
Begins construction of Daeil Dairies Gimhae Plant
- 1982
-
Acquires Hanyang Chemical and Dow Chemical Korea
Holds a sports event for the 30th anniversary of Hanwha Group's foundation
- 1983
-
Opens Hanwha Comprehensive Training Center
Ranks 236th on Fortune Global 500 ®
Domesticates Gyeongin Energy
Establishes Samhee Communications (currently, Hancomm)
- 1984
-
Chairman Seung Youn Kim becomes the 2nd Honorary Consul–General of Greece
Ranks 195th on the Fortune Global 500 ®
- 1985
-
Acquires Junga Group (currently, Hanwha Hotels & Resorts)
- 1986
-
Acquires Hanyang Stores (currently, Hanwha Solutions Galleria Division)
Establishes Binggrae Eagles (currently, Hanwha Eagles)
- 1987
-
Builds Hyunam Building (Janggyo–dong)
- 1988
-
Merges Hanyang Chemical with Korea Plastic Industry
Chairman Seung Youn Kim announces the Seoul Olympics boxing tournament
Korea Explosives delivers 500 Olympic torches
- 1989
-
Launches PRO 2000 campaign
- 1990
-
Hosts the 1st Seoul Women's Open Golf Championship
- 1991
-
Launches ECO–2000 campaign
Builds Korea Explosives Boeun Plant
- 1992
-
Renames Korea Explosives Group as Hanwha Group
- 1994
-
Chairman Seung Youn Kim announces the 3rd Reformation
Builds Hanwha R&D Center
- 1995
-
Chairman Seung Youn Kim awarded Gold Tower Medal, Order of Industrial Service Merit
Cheil Securities builds Yeouido headquarters
Acquires Central Pharmaceuticals and establishes medical business unit DreamPharma
1996 - 2006
Building
Momentum
Hanwha 63 Building
During the 1997 Asian financial crisis that either crippled or nearly paralyzed most companies in South Korea, Hanwha took bold actions, innovating and restructuring. We secured liquidity by selling profitable affiliates, made employee job security our priority and moved forward with faith in our spirit of trust and loyalty. We sought new opportunities and began acquisitions. One of them was Korea Life Insurance in 2002, a business that we have since grown steadily to make the second largest life insurance carrier in South Korea with assets of USD 89.03 billion in 2023. We emerged from the financial crisis without a single labor dispute, and Hanwha was heralded as a role model for other South Korean corporations to follow.
- 1996
-
Chairman Seung Youn Kim declares revolutionary reformation
Acquires Banque Indosuez Hungary
- 1997
-
Establishes Cheonan Bugil Girls Academy (currently, Bugil Girls Academy)
Sells Hanwha–BASF Urethane to BASF, Germany
- 1998
-
Establishes FAG Hanwha Bearings
Hanwha Corporation/Trade honored with the Silver Tower Industrial Medal and the $1 Billion Export Tower Award
- 1999
-
Establishes YEOCHUN NCC, a joint venture between Hanwha and Daelim
Hanwha Eagles wins the 1999 Korean Series, the championship series of the KBO League
Sells Hanwha Energy Oil Refinery Division and Hanwha Energy Plaza to Hyundai Oil Refinery
- 2000
-
Acquires Dongyang Department Store (currently, Hanwha Galleria Timeworld)
Sponsors the first Seoul Arts Center Symphony Festival
Hosts the 1st Seoul International Fireworks Festival
- 2001
-
Establishes Daedeok Techno Valley
Hanwha Corporation acquires Daewoo Electronics Defense Division
- 2002
-
Acquires Korea Life Insurance (currently, Hanwha Life)
- 2003
-
Sells shares of FAG Hanwha Bearings to the partner company
- 2004
-
Hanwha L&C (currently, Hanwha Advanced Materials) builds an automotive materials plant in Beijing, China
- 2005
-
Sells shares of Korea Energy Investment to POSCO
Hanwha Life establishes a subsidiary in New York City, US
- 2006
-
Hanwha Engineering & Construction (currently, Hanwha Corporation E&C Division) establishes a subsidiary in Saudi Arabia
Hanwha L&C builds a manufacturing facility in Alabama, US
Establishes Asan Techno Valley
Terminates production at Incheon Plant
Hanwha L&C builds an automotive materials plant in Shanghai, China
2007 - 2014
Accelerating
Global Business
Hanwha Life establishes localsubsidiary in Vietnam Hanwha Life establishes
local subsidiary in Vietnam Acquires German–based
Q.CELLS(currently,
Hanwha Solutions) Acquires German–based
Q.CELLS(currently, Hanwha Solutions)
At the turn of the 21st century, Hanwha began accelerating its global expansion. Hanwha Solutions acquired US–based Azdel Inc. and established a production subsidiary in the Czech Republic in 2007 to increase its standing as a global automotive component maker. In 2011, Hanwha Solutions completed the construction of a PVC plant in Ningbo, China. In 2012, Hanwha Engineering & Construction (currently, Hanwha Corporation) won a USD 10 billion contract to construct an entire city in Iraq. It was the largest overseas contract ever awarded to a Korean company.
Solarfun Power Holdings and Q.CELLS were acquired in 2010 and 2012, respectively, paving the way for Hanwha Solutions to join the ranks of the world’s top solar cell producers. Hanwha Life’s investment in global expansion began with its Vietnam subsidiary in 2008, which led to another acquisition—an Indonesian life insurance company in 2013.
- 2007
-
Announces “Tricircle,” new CI (corporate identity),
Holds Hanwha Global Strategy Conference
Establishes Seosan Techno Valley
Hanwha Chemical (currently, Hanwha Solutions Chemical Division) builds the Ningbo PVC plant in China
Hanwha Advanced Materials acquires US–based Azdel
- 2008
-
Hanwha Securities establishes Hanwha Investment & Consulting in Shanghai, China
Acquires Cheil Fire & Marine Insurance (currently, Hanwha General Insurance)
Hosts the 1st Hanwha National Shooting Competition
Hanwha Life establishes local subsidiary in Vietnam
Opens Hanwha HRD Center
- 2009
-
Opens Hanwha Historical Museum
Hanwha Life’s Vietnam branch begins local sales
Hanwha L&C builds a plant in Canada
Establishes Gimhae Techno Valley
Hanwha L&C builds an automotive materials plant in the Czech Republic
Establishes Daedeok Techno Valley
Launches the integrated Hanwha General Insurance
- 2010
-
Establishes Gyeonggi Hwaseong Bio Valley
Launches the integrated Hanwha Hotels & Resorts
Daehan Life Insurance lists on stock market
Hanwha Securities acquires Prudential Investment Securities and Prudential Asset Management
Acquires a 49.99% equity stake in Solarfun Power Holdings of China
Opens Galleria Centercity, Cheonan
- 2011
-
Enters solar business (changes Solarfun Power Holdings to Hanwha SolarOne)
Proclaims Hanwha Core Values of Challenge, Dedication and Integrity
Establishes Hanwha Golf Team (currently, Team Hanwha Qcells)
Hanwha Chemical’s Ningbo PVC plant in China launches commercial operations
Establishes Hanwha Solar Energy America (HSEA)
Establishes Hanwha Solar Energy
Launches Hanwha China
Gunjang Cogeneration starts commercial power generation
Hosts the KLPGA Hanwha Finance Classic
Launches Hanwha Asset Management by merging Hanwha Investment Trust Management and Prudential Asset Management
- 2012
-
Hanwha Engineering & Construction (currently, Hanwha Corporation E&C Division) wins the bid for Bismayah New City Project (USD 8 billion)
Launches the integrated Hanwha Investment & Securities by merging Hanwha Securities and Hanwha Investment & Securities
Renames Daehan Life Insurance Hanwha Life
Acquires German–based Q.CELLS (currently, Hanwha Solutions Qcells Division)
Launches the integrated Hanwha Energy by merging Yeosu Cogeneration and Gunjang Cogeneration
Begins operation of Sino–Korea Life Insurance, a joint venture of Hanwha Life and Zhejiang International Business Group
- 2013
-
Hanwha Solar Energy changes name to Hanwha Qcells Korea
Beans & Berries transitions to a social enterprise
Hanwha Life acquires an Indonesia life insurer
- 2014
-
Acquires four Samsung companies in defense and petrochemical industries
2015 - Present
Innovating for
Sustainable Growth
Second launch of Nuri,the Korean Space Launch
Vehicle–II(Korea Aerospace
Research Institute) Second launch of Nuri,
the Korean Space Launch
Vehicle–II(Korea Aerospace Research Institute) Scenario for
self-generated electricity
Hanwha is committed to building a sustainable foundation for growth as we strengthen core capabilities in current businesses, including aerospace, energy & materials, finance, and retail & services. We are also exploring new business portfolios. In 2021, we launched the Space Hub to spearhead space business initiative in the era of privately led space development. In 2022, we were appointed system integrator for the Korea Space Launch Vehicle Program. Our solar business ranks first in market share for major markets including the US, and we are currently expanding our energy businesses into hydrogen, wind power and LNG.
In finance, we are driving innovation in financial services by providing digital solutions that harness advanced Fintech and AI. Our retail & services businesses are expanding online and offline platforms that boost competitiveness in each of their business sectors. We are dedicated to developing solutions for a sustainable future for humanity by making bold investments in trailblazing innovations that can combat energy and food crises.
- 2015
-
Hanwha Qcells agrees to supply more than 1.5 GW of solar modules to NextEra Energy Resources, the largest single contract in the solar industry at the time
Launches Hanwha General Chemicals (currently, Hanwha Impact) and Hanwha Total Petrochemical (currently, Hanwha TotalEnergies Petrochemical)
Launches Hanwha Techwin (currently, Hanwha Vision) and Hanwha Thales (currently, Hanwha Systems)
- 2016
-
Hanwha Life reaches a new milestone with KRW 100 trillion in total assets
Launches Hanwha Defense
- 2017
-
Launches Hanwha Land Systems, Hanwha Power System, and Hanwha Precision Machinery
Launches Hanwha Group’s LIFEPLUS financial brand
Hanwha Defense exports its K9 self–propelled howitzers to Finland, India and Norway
- 2018
-
Launches Hanwha Systems
Hanwha Aerospace’s subsidiary in Vietnam builds a manufacturing facility
Officially sponsors of PyeongChang 2018 Winter Olympic Games and 2018 Winter Paralympics (fireworks and torches)
- 2019
-
Completes renovation of the Hanwha Building in Janggyo–dong
Hanwha Qcells builds a manufacturing plant in Georgia, in the US
Hanwha Life opens Life Park training center
- 2020
-
Launches Hanwha Solutions
Completes Galleria in Gwanggyo
Launches the integrated Hanwha Corporation/Global
Hanwha Systems acquires UK–based Phasor Solutions, a satellite communications antenna developer
Hanwha Solutions acquires US–based Cimarron Composites, a hydrogen storage tank company
- 2021
-
Hanwha Energy forms a renewable energy joint venture with French energy group Total
Hanwha Aerospace acquires control of Satrec Initiative, a South Korean satellite manufacturer
Hanwha Impact acquires two hydrogen combustion technology companies, PSM (Power Systems Mfg.) in the US and Thomassen Energy in the Netherlands
Hanwha Solutions acquires RES France, a French renewable energy developer
Launches Hanwha ESG Committee
Launches Space Hub
Hanwha Galleria merges with Hanwha Solutions
Hanwha Solutions City Development Division spins off its asset development business and merges with Hanwha Solutions
- 2022
-
Helps to successfully launch Nuri successfully
Hanwha Corporation and Hanwha Solutions acquires stakes in REC Silicon, a Norway–based polysilicon manufacturer in the US
Hanwha Impact acquires Hanwha Power Systems
Hanwha Corporation merges with Hanwha Engineering & Construction (currently, Hanwha Corporation E&C Division)
Hanwha Aerospace merges with Hanwha Defense
Hanwha Solutions splits off Advanced Materials Division to establish Hanwha Advanced Materials
Is appointed system integrator for the Korea Space Launch Vehicle Program
- 2023
-
Hanwha Aerospace acquire Hanwha Corporation/Defense
Hanwha Solutions spins off Galleria Division to establish Hanwha Galleria
Hanwha Techwin changes its name to Hanwha Vision
Launches Hanwha Ocean and Hanwha Robotics
- 2024
-
Hanwha Aerospace finalizes contract for KSLV–III project
Launches Hanwha Engine, Hanwha Momentum, and Hanwha Foodtech
Hanwha Systems and Hanwha Ocean acquire Philly Shipyard, U.S.