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.