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Hanwha to set up US office for space biz expansion
By Kim Byung-wookPublished : April 2, 2021 - 16:29
Hanwha Systems, the affiliate spearheading Hanwha Group’s space and defense IT business, will set up its first US office, according to industry sources Friday.
At its board meeting held March 23, the company decided to establish the US office within this year to add momentum to its space business. Candidate locations include Connecticut, where Hanwha Systems’ parent company Hanwha Aerospace has an office, and the state of Washington, where local satellite companies are clustered.
“We are considering the kickoff of a US office, but the exact timeline or location hasn’t been decided yet,” a company official said.
Hanwha Systems recently announced plans to raise 1.2 trillion won ($1.06 billion) by selling stock. The funds will allow the company to make a foray into the advanced US space market and acquire promising companies and technologies.
This is not the first time Hanwha Systems has launched an overseas office. After the acquisition of Phasor Solutions, a UK-based satellite communication antenna developer, Hanwha Systems set up its first European office in London.
Hanwha Group Chairman Kim Seung-youn’s eldest son Kim Dong-kwan is expected to lead Hanwha Systems’ global expansion. An unlisted company called H-Solution -- owned 100 percent by the de facto heir and his two younger brothers -- is the second-largest shareholder of Hanwha Systems, with a stake of 13.41 percent. H-Solution recently decided to inject 157 billion won into Hanwha Systems.
If launched, the US office is likely to begin with satellites. According to Hanwha Systems data, the company plans to invest 80 billion won for satellite communication antenna technologies and 120 billion won for the acquisition of satellite communication service technologies by 2023.
In December, Hanwha Systems acquired a 10 percent stake in Washington-based connectivity venture company Kymeta, which makes the next generation of satellite-cellular mobile service systems for voice and data available to military and commercial markets. Through the acquisition, Hanwha Systems has exclusive rights to sell Kymeta products in South Korea.
By Kim Byung-wook (kbw@heraldcorp.com)
At its board meeting held March 23, the company decided to establish the US office within this year to add momentum to its space business. Candidate locations include Connecticut, where Hanwha Systems’ parent company Hanwha Aerospace has an office, and the state of Washington, where local satellite companies are clustered.
“We are considering the kickoff of a US office, but the exact timeline or location hasn’t been decided yet,” a company official said.
Hanwha Systems recently announced plans to raise 1.2 trillion won ($1.06 billion) by selling stock. The funds will allow the company to make a foray into the advanced US space market and acquire promising companies and technologies.
This is not the first time Hanwha Systems has launched an overseas office. After the acquisition of Phasor Solutions, a UK-based satellite communication antenna developer, Hanwha Systems set up its first European office in London.
Hanwha Group Chairman Kim Seung-youn’s eldest son Kim Dong-kwan is expected to lead Hanwha Systems’ global expansion. An unlisted company called H-Solution -- owned 100 percent by the de facto heir and his two younger brothers -- is the second-largest shareholder of Hanwha Systems, with a stake of 13.41 percent. H-Solution recently decided to inject 157 billion won into Hanwha Systems.
If launched, the US office is likely to begin with satellites. According to Hanwha Systems data, the company plans to invest 80 billion won for satellite communication antenna technologies and 120 billion won for the acquisition of satellite communication service technologies by 2023.
In December, Hanwha Systems acquired a 10 percent stake in Washington-based connectivity venture company Kymeta, which makes the next generation of satellite-cellular mobile service systems for voice and data available to military and commercial markets. Through the acquisition, Hanwha Systems has exclusive rights to sell Kymeta products in South Korea.
By Kim Byung-wook (kbw@heraldcorp.com)
