Korea & Company Completes Acquisition of Hanon Systems... Appoints CEO Lee Soo-il

Building a Comprehensive Portfolio of Parts Suppliers for the Electric Vehicle Era
Chairman Cho Hyun-beom Leads Corporate Integration as the 'Trusted Man'

Exterior view of Hankook Tire & Technology headquarters in Pangyo, Gyeonggi-do. Provided by Hankook & Company Group

Korea & Company Group has finalized the acquisition of Hanon Systems, the world's second-largest vehicle thermal management (HVAC) company, and appointed Lee Soo-il, Vice Chairman of Hankook Tire & Technology (Hankook Tire), as the new CEO of Hanon Systems.

On the 6th, Korea & Company Group announced the completion of the Hanon Systems acquisition. On the 3rd, it disclosed that it purchased 122,774,000 existing shares of Hanon Systems, securing a 54.8% stake. On the same day, the board of directors convened and appointed Vice Chairman Lee as the new CEO of Hanon Systems. This acquisition marks the conclusion of a process that began over 10 years ago when Korea & Company Group became an investor by acquiring a 19.49% stake in Hanon Systems in 2014.

As a result, Korea & Company Group's total global assets have increased to approximately 27 trillion KRW. The group has entered the top 30 conglomerates in South Korea by fair asset value for the first time.

Hanon Systems, established in 1986 as Halla Climate Control, is an automotive parts company recognized as the world's second-largest in vehicle thermal management. By acquiring Hanon Systems, Korea & Company Group plans to evolve into a comprehensive automotive parts company encompassing tires, thermal management, and batteries. Especially since thermal management technology is crucial in the electric vehicle era, the acquisition completes a core portfolio for next-generation mobility.

Korea & Company Group's strategy with this acquisition is to maximize synergy through resource and technology integration. They plan to leverage overseas sales networks together and consolidate supply chain management (SCM) capabilities, including raw materials. While streamlining work processes such as IT infrastructure, they will focus on organic integration based on Korea & Company Group's organizational culture.

Lee Su-il, new CEO of Hanon Systems. Provided by Korea & Company Group

Lee Soo-il, who has taken on the role of CEO at Hanon Systems, joined Hankook Tire as a new recruit in 1987 and has grown with the company for over 37 years. After becoming an executive in 2006 as Marketing Director, he served as head of the U.S. regional headquarters, head of the China regional headquarters, head of the marketing division, and head of the management division. In 2018, he was appointed President and CEO, and last year he served as Vice Chairman and CEO. He is recognized for his strong overseas sales capabilities, having spent more than 15 years working abroad during his tenure. As the right-hand man of Cho Hyun-bum, Chairman of Korea & Company Group, it is expected that he will instill the group’s DNA into Hanon Systems and jointly drive stable growth.

A Korea & Company Group official explained, "New CEO Lee Soo-il will devote all efforts to solidifying internal stability, including complete chemical integration and financial structure improvement, while embracing the world’s second-largest company."

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