SEOUL, Nov. 10 (Yonhap) — Hanwha Solutions Corp., a chemical and energy unit of South Korean conglomerate Hanwha Group, said Wednesday it is considering selling off a part of its advanced materials business, excluding hydrogen tanks and electronics materials sectors.
“We are considering a plan to sell part of the advanced materials businesses, except for the hydrogen tanks and electronics materials, but no detailed decision has been made yet,” the company said in a regulatory filing.
Its thermoplastics division could be among the possible candidates being considered for the potential sell-off, but the potential stake sale of any division would occur in a way that would not affect the management, according to market watchers.
The potential sell-off appears to be intended to secure more cash for the key Hanwha unit, which has actively engaged in mergers and acquisitions to further expand its renewable energy portfolio on top of its solar energy business.
In August, Hanwha Solutions said it would buy RES Mediterranee, a French renewable energy company, for 984 billion won (US$833 million) and acquire its solar and wind power projects.
Hanwha Solutions was created in January last year through a merger of Hanwha Chemical, Hanwha Q Cells and Hanwha Advanced Materials. The company is co-headed by Kim Dong-kwan, the eldest son of Hanwha Group Chairman Kim Seung-youn.