'Merger with Hanwha Solutions' Galleria "Securing a Stable Investment Environment"

Galleria, Securing a Stable Investment Environment and Actively Entering New Businesses

[Asia Economy Reporter Lim Hye-seon] Hanwha Galleria announced on the 8th that it has decided to merge with Hanwha Solutions.

The purpose of the merger is to expand business areas and increase management efficiency. Galleria expects that the merger with Hanwha Solutions will strengthen its existing department store business capabilities and increase new business opportunities.

Hanwha Solutions, whose main businesses are materials and solar energy, is a core affiliate of the Hanwha Group. Hanwha Solutions holds 100% of Hanwha Galleria's shares. Hanwha Solutions will also merge the asset development division of Hanwha Urban Development with Hanwha Galleria. Both Hanwha Galleria and Hanwha Urban Development are subsidiaries of Hanwha Solutions.

After the merger, the Galleria and urban development divisions will be able to maximize profitability of existing businesses as capital procurement costs decrease due to improved credit ratings. In particular, Galleria is expected to have an advantage in investing in new businesses in the premium retail sector.

Hanwha Solutions and Hanwha Galleria will proceed with the merger process between the two companies following the merger decision announcement. The merger is tentatively scheduled for April next year.

Meanwhile, with this merger, Hanwha Solutions will operate with six divisions instead of the existing four (Chemical, Q CELLS, Advanced Materials, Strategy), adding two divisions (Galleria and Urban Development). Except for the urban development division, the other five divisions will operate under individual CEO systems, while the urban development division will operate under a division head system considering the scale of the business.

This content was produced with the assistance of AI translation services.