Hanon Systems: Acquired by Hankook & Company Group

Hankook & Company Group, chaired by Cho Hyun-Bum, announced the completion of its acquisition of Hanon Systems, the world's second-largest automotive thermal management solutions provider. This transaction followed a decade-long investment strategy, with Hankook initially acquiring a 19.4% stake in Hanon Systems in 2014. The acquisition, completed through a rights offering and purchase of shares from Hahn & Company, resulted in Hankook holding a 54.77% ownership stake. Consequently, Hanon Systems is now a subsidiary under Korean corporate law, contributing to Hankook's stature among Korea’s top 30 corporations by net assets the acquisition adds significantly to Hankook's portfolios, including tires, batteries, and thermal management. Hanon is renowned for its work in electric vehicle thermal management systems, marking Hankook as a tech leader in automotive parts. The group's strategic focus is to maximize synergy, enhance operational efficiency through IT and SCM capabilities, and foster a unified corporate culture. Concurrently, Soo Il Lee from Hankook Tire is appointed as CEO of Hanon Systems, viewed as a leader capable of successfully implementing Hankook's strategic vision and enhancing integration.