Hanwha Group announces new battery machinery business in corporate restructure

Hanwha Group's battery machinery business will become a separate entity as part of a restructuring effort.

Hanwha Group headquarters [HANWHA GROUP]

Hanwha Group's battery machinery business will become a separate entity as part of a restructuring effort.

The company will be named Hanwha Momentum and will be wholly owned by Hanwha Corporation. It will focus on secondary battery machinery for battery material production, assembly, formation and packaging.

The company will not go public for the next five years at least, said Hanwha Group.

Hanwha Corporation will unload its offshore wind turbine business and industrial plant business to Hanwha Ocean, while its solar energy equipment business will fall under Hanwha Solutions.

The company hopes the restructure will raise competitiveness in the respective business fields in a more organized manner.

"Through the specialization of each business, Hanwha is vying for increased competitiveness for each affiliate," Hanwha Group said in a release Wednesday.

"Through this plan, we will raise the corporate and shareholder value of Hanwha Corporation at the same time."

The plan will be voted on at the extraordinary general meeting scheduled for next month.

BY JIN EUN-SOO [jin.eunsoo@joongang.co.kr]