Hanwha to wholly own defense affiliate

[THE INVESTOR] Hanhwa Techwin announced on July 29 that it will acquire 13.5 million shares of France’s Thales International in its affiliate Hanwha Thales for 288 billion won (US$253.95 million). The due date for acquisition is Nov. 23, making it the sole owner.

The French defense giant has decided to sell its 50 percent stake in the defense electronics joint venture Hanwha Group acquired from Samsung last year. 

Hanwha Techwin, an aircraft engine manufacturer, and Hanwha Thales are two of the four defense arms of the South Korean conglomerate that is leading the defense industry in Korea. The defense units of Hanwha posted 3.69 trillion won in sales last year, estimated to be the 24th largest in the global defense industry.

By Hwang You-mee (glamazon@heraldcorp.com)