Hanwha Group has signed an MOU with Korea Development Bank for the purchase of Daewoo Shipbuilding & Marine Engineering (DSME), thereby making significant progress in its move to enter the shipbuilding markets. The energy and chemical-focused local conglomerate, which emerged as the victor in the bidding process for the yard in late October with a rumoured bid of 6.5 trillion won, is reported to have carried out significant negotiations to overcome conflicts regarding “key scheduling conditions”.
With scheduling issues put to rest, Hanwha Group Chairman Kim Seung-yeon (pictured) is reported to have sent company employees an internal message reading, “With the MOU on DSME acquisition finally concluded, Hanwha has gained the momentum for future growth to accelerate towards being an international firm. DSME will be cultivated into world's greatest shipbuilding and marine engineering company along with Hanwha, touching all shipbuilding, marine plant, resource development, marine city establishment and marine environment businesses.”
He added that the group was embarking on a 'Great Challenge 2011' campaign to raise the company’s global profile. The chairman was optimistic that Hanwha would be able to achieve it's target of a 100 trillion won revenue in the next 10 years if which 50% would be earned from international ventures.
Seung-yeon concluded, “As some worry, extreme economic depressions in and out of Korea are definitely acting as big threats, making our recent choice burdensome and beyond our capacity for the moment. The upcoming three years could be painful times but Hanwha will be faced with a completely different future in five years and ten years.”
With scheduling issues put to rest, Hanwha Group Chairman Kim Seung-yeon (pictured) is reported to have sent company employees an internal message reading, “With the MOU on DSME acquisition finally concluded, Hanwha has gained the momentum for future growth to accelerate towards being an international firm. DSME will be cultivated into world's greatest shipbuilding and marine engineering company along with Hanwha, touching all shipbuilding, marine plant, resource development, marine city establishment and marine environment businesses.”
He added that the group was embarking on a 'Great Challenge 2011' campaign to raise the company’s global profile. The chairman was optimistic that Hanwha would be able to achieve it's target of a 100 trillion won revenue in the next 10 years if which 50% would be earned from international ventures.
Seung-yeon concluded, “As some worry, extreme economic depressions in and out of Korea are definitely acting as big threats, making our recent choice burdensome and beyond our capacity for the moment. The upcoming three years could be painful times but Hanwha will be faced with a completely different future in five years and ten years.”