Hanon Systems Co., Ltd.
Native name
한온시스템 주식회사
FormerlyHalla Climate Control
(1986-2013)
Halla Visteon Climate Control
(2013-2015)
Company typePublic
KRX: 018880
IndustryAutomotive
FoundedMarch 11, 1986; 37 years ago (1986-03-11)
Headquarters
Daejeon
,
South Korea
Websitewww.hanonsystems.com

Hanon Systems Co., Ltd. (Korean: 한온시스템 주식회사) is an automotive parts manufacturing company headquartered in Daejeon, South Korea. Hanon Systems is one of the world's largest suppliers of auto thermal management systems.[1]

History

Hanon Systems was initially established as Halla Climate Control, a joint venture between Ford and Mando Machinery, in 1986.[2] During the Asian financial crisis in 1999, Halla Group, a parent company of Mando, went bankrupt and sold its entire stake in the joint venture to Visteon under Ford. After Visteon's takeover, Ford integrated Visteon's thermal system businesses into Halla Climate Control and changed its name to Halla Visteon Climate Control (HVCC) in 2013.[3][4]

In 2015, Visteon sold its 70% stake in HVCC to a consortium led by Hahn & Company, a South Korean private equity investment firm, and Hankook Tire.[5][6] HVCC was renamed Hanon Systems after the acquisition.[7] In 2019, Hanon Systems acquired Magna International's fluid pressure and control unit for US$1.23 billion.[8][9]

See also

References

  1. ^ Lee, Joyce (June 23, 2021). "Carlyle, Bain submit preliminary bids for $5.8 billion stake in Hanon Systems". Reuters. Seoul.
  2. ^ Park, Jae-hyuk (June 20, 2018). "'Diversification key for Hanon Systems' success'". The Korea Times.
  3. ^ Park, Jae-hyuk (May 27, 2021). "Hanon Systems bid highlights SK's ties with Hahn & Co., Ford". The Korea Times.
  4. ^ Park, Chang-young; Lee, Eun-joo (April 23, 2021). "Mando, LG may go after Hanon Systems up for sale". Maeil Business Newspaper.
  5. ^ Stynes, Tess (December 17, 2014). "Visteon to Sell Interest in Korea Venture to Hahn & Co., Hankook Tire for $3.6B". Wall Street Journal.
  6. ^ "Hanon Systems set to get preliminary bids for controlling stake". Yonhap. Seoul. June 22, 2021.
  7. ^ "한라비스테온공조, 한온시스템㈜로 사명 변경" [Halla Visteon to change the company name to Hanon Systems]. Yonhap. July 24, 2015.
  8. ^ "Magna International says 2019 revenue to be hurt by unit sale, strong dollar". Reuters. January 15, 2019.
  9. ^ Kwak, Yeon-soo (April 1, 2019). "Hanon Systems acquires Magna's fluid control unit". The Korea Times.

External links

KOSPI 200 companies of South Korea
Automotive industry in South Korea
Categories