Hanwha Group to Advance Payment of 160 Billion KRW to Partners... Win-Win Management for Chuseok

Hanwha Group, Over 2,300 Partner Companies
Additional Purchase of Regional Specialty Products Worth 4 Billion KRW
Leading Win-Win Management with Partner Firms

Seoul Jung-gu Hanwha Building exterior. Photo by Hanwha Group

[Asia Economy Reporter Choi Seoyoon] Hanwha Group's major manufacturing, chemical, and service affiliates are taking the lead in win-win management by paying 160 billion KRW in cash early to their partner companies ahead of Chuseok.

According to Hanwha Group on the 6th, Hanwha affiliates will pay 160 billion KRW in cash early to support partner companies that temporarily face increased demand for operating funds such as employee bonuses and raw material payments around the holiday season. The early payment will be made to about 2,300 partner companies, advancing the payment by 1 to 2 weeks up to a maximum of 56 days before the Chuseok holiday.

The payment amounts are 42.2 billion KRW for Hanwha Corporation, 34.4 billion KRW for Hanwha TotalEnergies, 19.4 billion KRW for Hanwha Precision Machinery, 17.2 billion KRW for Hanwha Solutions, 16.7 billion KRW for Hanwha Defense, 10.7 billion KRW for Hanwha Aerospace, 6.2 billion KRW for Hanwha Systems, and 4.9 billion KRW for Hanwha Construction, totaling 160 billion KRW. This is a significant increase compared to the early payment amounts of 90 billion KRW made during last year's Chuseok and this year's Lunar New Year.

Hanwha Group has been making early payments ahead of holidays such as Lunar New Year and Chuseok every year to ease the financial burden on partner companies.

In addition, major affiliates purchase local specialties and present them as Chuseok gifts to in-house resident partner companies, service workers, and key customers. The purchase amount is about 4 billion KRW, which is expected to greatly contribute to revitalizing the local economy.

Along with early payment of partner company funds and welfare support, Hanwha also pursues coexistence with the local economy. Galleria Department Store supports the branding and sales activation of local products through the nationwide excellent agricultural and marine products sales program called ‘Areumdri Store (Beyond Farm).’ Additionally, Hanwha Hotels & Resorts supports product sales of social enterprises and small business owners through a regional win-win gift set exhibition involving 16 companies.

Social contribution activities are also being carried out for local communities facing a more difficult holiday season than usual due to COVID-19 and flood damage. On the 2nd, Hanwha Systems purchased 1,000 bags of rice from Gumi City’s Nonghyup and donated them to vulnerable groups. On the 31st of last month, Hanwha Aerospace delivered ‘ingredient sets’ including rice and convenience foods carefully prepared by employees to 500 single elderly households in the Seongnam area.

Meanwhile, Hanwha Group Chairman Kim Seung-yeon emphasized in this year’s New Year’s address, “With a deep sense of responsibility befitting our 70-year history, Hanwha must take the lead in creating a bright future where everyone can live together,” and stressed, “Let us actively practice management with integrity and the value of sharing so that the ESG management and the philosophy of ‘Together Far’ embedded within us can spread under the name of first-class Hanwha.”

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