Refining the remaining sectors after the physical division of the advanced materials division, synergies with WOS are expected, focusing on the electronic materials business.
 

Hanwha Solutions' subsidiary, WOS, will formally launch as 'Hanwha e-ssential' by the end of this month, taking over Hanwha Solutions' electronic materials business. Hanwha e-ssential plans to concentrate its capabilities on the electronic materials business centered on OLED (Organic Light Emitting Diode). With this, Hanwha Solutions has virtually put the finishing touches on its business restructuring centered around its energy business, having fully streamlined its advanced materials division.

According to industry sources on the 15th, Hanwha Solutions plans to transfer its 43.5 billion won electronic materials business to WOS, a producer of Fine Metal Mask (FMM), a core material for OLED, on the 31st and rename the newly-launched subsidiary to Hanwha e-ssential. The plan is to enhance the competitiveness of the electronic materials business through synergies between the two business sectors.

Hanwha e-ssential is a compound word of 'e', the first letter of 'electronic', and 'essential', meaning 'essential, extremely important', reflecting a vision to play a leading role in the field of electronic materials. Hanwha has submitted a trademark registration application for 'Hanwha e-ssential' to the Patent Office earlier this month. Hanwha has applied for a priority review for speedy trademark registration, and the review is currently underway.

The electronic materials business being transferred this time is a field that remained after Hanwha Solutions physically divided its advanced material division such as automotive lightweight materials and EVA sheet business and established Hanwha Advanced Materials. Hanwha Solutions sees a large overlap between its circuit business and WOS's FMM business, thus anticipating maximized synergies through mutual organic business. The hydrogen tank business within the advanced materials division was absorbed into the chemical division.

FMM is a thin metal material used to deposit organic materials at precise locations when making an OLED display. Hanwha Solutions previously acquired WOS for 600 billion won in August 2021 to expand its electronic materials business area from mobile to display.

A Hanwha Solutions official said, "Through this transfer, we expect to increase the professionalism and management efficiency of the electronic materials business."

The industry sees that with the launch of Hanwha e-ssential, the restructuring of Hanwha Solutions' business structure is practically completed. Hanwha Solutions has fully streamlined its business, including the advanced materials division, through the transfer of the electronic materials business. Accordingly, it will operate three business divisions: Q CELLS (solar power), Chemical (basic materials), and Insight (Korean solar power development business).

Since September of last year, Hanwha Solutions has been pushing for a business structure reorganization to focus on the solar power business, which is a key investment area for the future of the group. Previously, it launched a new corporation by dividing the Galleria division, and completed re-listing in March this year.