Korea Business News Agency - NSP NEWS AGENCY.

(Seoul=NSP NEWS AGENCY) = Hanwha Group completed the acquisition of HSD Engines, the world’s second-largest company in low-speed marine engines. At an extraordinary general meeting of shareholders held on 27 February, the company’s name was changed to Hanwha Engine, and related items, including amendments to the articles of association and the appointment of new directors, were approved.

The majority shareholder of Hanwha Engine is Hanwha Impact, which signed a memorandum of understanding for the acquisition with HSD Engine in February last year. Hanwha Impact secured a 32.8% stake in Hanwha Engine(purchase of old shares and paid-in capital increase of new shares).

Hanwha Engine has established itself as a leader in the marine engine field based on its unrivaled technology. Hanwha Engine, which maintains second place in the global market share of low-speed engines used for propulsion of large ships, supplies low-speed marine engines to leading domestic and overseas shipyards, including Hanwha Ocean.

Following the acquisition of Hanwha Ocean last year and the addition of Hanwha Engine, Hanwha Group has secured a total shipbuilding solution from engine production to shipbuilding with its own production and technology. It is also expected to expand its ship equipment AM business(after-sales service related business such as parts sales and repair).

By Soon-ki Lee(s8789@nspna.com) and Bok-hyun Lee(bhlee2016@nspna.com)

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