Hanwha Group, one of the nation’s top conglomerates, will focus its resources on solar power and biosimilar business over the remainder of the year, the group said Wednesday.
According to the plans, the conglomerate will direct much of its investment budget for the period into polysilicon production facilities, expanding solar cell and module production lines, biosimilars and other new business areas.
Visitors using their smartphones walk past the Hanwha Solar Holdings Co. booth at PV Expo 2011. (Bloomberg)
The group’s investment budget will be maintained at 2.2 trillion won ($2.1 billion), as decided at the beginning of the year, but it increased its recruitment scale for the year by 800.
The group hired 3,200 new employees during the first half of the year, and 2,800 in the second half.
The group also announced that the combined sales of its subsidiaries for the first six months of the year came in at 19.9 trillion won aided by improving performances seen at major affiliates.
For the same period, the combined operating profits of Hanwha Group subsidiaries came in at 1.24 trillion won.
The group also said that the sales target of 41.1 trillion won set for the whole year is expected to be met without much difficulty.
The figures and the plans for the latter half of the year were announced following the three-day conference discussing management strategies for that period.
The group also said that the first six months of the year saw significant developments regarding its global operations.
“There has been significant results in (the group’s) global operations such as Hanwha SolarOne, which was acquired last year, becoming a world-standard, and winning the $7.25 billion urban development project in Iraq,” a Hanwha group official said.
Hanwha SolarOne was established last year when Hanwha Group’s Hanwha Chemical acquired 49.9 percent of the China-based solar cell and module maker Solarfun Power Holdings for 430 billion won.
At the time of the acquisition, the company was capable of producing 500 megawatts worth of solar cells and 900 megawatts of solar modules, making it the world’s fourth-largest solar module producer.
Among Hanwha Group subsidiaries, Korea Life Insurance will be seeking to diversify its revenue sources by speeding up businesses in China and Indonesia, as well as other Southeast Asian markets, and to push for increased synergy with other financial companies in the group.
Meanwhile, Galleria Department Store will seek to diversify businesses aimed at high-income groups, while Hanwha Hotel and Resort Co. will continue to make facility investments during the rest of the year, the conglomerate said.
By Choi He-suk (
cheesuk@heraldcorp.com)