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{{short description|South Korean manufacturing company}}
{{Infobox company
{{Infobox company
| name = Hanon Systems Co., Ltd.
| name = Hanon Systems Co., Ltd.
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==History==
==History==
Hanon Systems was initially established as Halla Climate Control, a joint venture between [[Ford Motor Company|Ford]] and [[Mando Corporation|Mando Machinery]], in 1986.<ref>{{cite news |last=Park |first=Jae-hyuk |date=June 20, 2018 |title='Diversification key for Hanon Systems' success' |url=https://www.koreatimes.co.kr/www/tech/2018/06/419_250958.html |work=[[The Korea Times]] |location= |access-date=}}</ref> 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.<ref>{{cite news |last=Park |first=Jae-hyuk |date=May 27, 2021 |title=Hanon Systems bid highlights SK's ties with Hahn & Co., Ford |url=https://www.koreatimes.co.kr/www/biz/2021/08/175_309516.html |work=The Korea Times |location= |access-date=}}</ref><ref>{{cite news |last1=Park |first1=Chang-young |last2=Lee |first2=Eun-joo |date=April 23, 2021 |title=Mando, LG may go after Hanon Systems up for sale |url=https://pulsenews.co.kr/view.php?year=2021&no=392381 |work=[[Maeil Business Newspaper]] |location= |access-date=}}</ref>
Hanon Systems was initially established as Halla Climate Control, a joint venture between [[Ford Motor Company|Ford]] and [[Mando Corporation|Mando Machinery]], in 1986.<ref>{{cite news |last=Park |first=Jae-hyuk |date=June 20, 2018 |title='Diversification key for Hanon Systems' success' |url=https://www.koreatimes.co.kr/www/tech/2018/06/419_250958.html |work=[[The Korea Times]] |location= |access-date=}}</ref> 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.<ref>{{cite news |last=Park |first=Jae-hyuk |date=May 27, 2021 |title=Hanon Systems bid highlights SK's ties with Hahn & Co., Ford |url=https://www.koreatimes.co.kr/www/biz/2021/08/175_309516.html |work=[[The Korea Times]] |location= |access-date=}}</ref><ref>{{cite news |last1=Park |first1=Chang-young |last2=Lee |first2=Eun-joo |date=April 23, 2021 |title=Mando, LG may go after Hanon Systems up for sale |url=https://pulsenews.co.kr/view.php?year=2021&no=392381 |work=[[Maeil Business Newspaper]] |location= |access-date=}}</ref>


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]].<ref>{{cite news |last=Stynes |first=Tess |date=December 17, 2014 |title=Visteon to Sell Interest in Korea Venture to Hahn & Co., Hankook Tire for $3.6B |url=https://www.wsj.com/articles/DJFLBO0120141217eachjv5kf |work=[[Wall Street Journal]] |location= |access-date=}}</ref><ref>{{cite news |author=<!--not stated--> |date=June 22, 2021 |title=Hanon Systems set to get preliminary bids for controlling stake |url=https://en.yna.co.kr/view/AEN20210622001900320 |work=[[Yonhap News Agency|Yonhap]] |location=Seoul |access-date=}}</ref> HVCC was renamed Hanon Systems after the acquisition.<ref>{{cite news |author=<!--not stated--> |date=July 24, 2015 |title=한라비스테온공조, 한온시스템㈜로 사명 변경 |trans-title=Halla Visteon to change the company name to Hanon Systems |url=https://www.yna.co.kr/view/AKR20150724130100003 |work=Yonhap |location= |access-date=}}</ref> In 2019, Hanon Systems acquired [[Magna International]]'s fluid and pressure and control unit for US$1.23 billion.<ref>{{cite news |author=<!--not stated--> |date=January 15, 2019 |title=Magna International says 2019 revenue to be hurt by unit sale, strong dollar |url=https://www.reuters.com/article/us-magna-international-outlook-idUKKCN1P9122 |work=Reuters |location= |access-date=}}</ref><ref>{{cite news |last=Kwak |first=Yeon-soo |date=April 1, 2019 |title=Hanon Systems acquires Magna's fluid control unit |url=https://www.koreatimes.co.kr/www/tech/2019/04/419_266420.html |work=The Korea Times |location= |access-date=}}</ref>
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]].<ref>{{cite news |last=Stynes |first=Tess |date=December 17, 2014 |title=Visteon to Sell Interest in Korea Venture to Hahn & Co., Hankook Tire for $3.6B |url=https://www.wsj.com/articles/DJFLBO0120141217eachjv5kf |work=[[Wall Street Journal]] |location= |access-date=}}</ref><ref>{{cite news |author=<!--not stated--> |date=June 22, 2021 |title=Hanon Systems set to get preliminary bids for controlling stake |url=https://en.yna.co.kr/view/AEN20210622001900320 |work=[[Yonhap News Agency|Yonhap]] |location=Seoul |access-date=}}</ref> HVCC was renamed Hanon Systems after the acquisition.<ref>{{cite news |author=<!--not stated--> |date=July 24, 2015 |title=한라비스테온공조, 한온시스템㈜로 사명 변경 |trans-title=Halla Visteon to change the company name to Hanon Systems |url=https://www.yna.co.kr/view/AKR20150724130100003 |work=[[Yonhap News Agency]] |location= |access-date=}}</ref> In 2019, Hanon Systems acquired [[Magna International]]'s fluid pressure and control unit for US$1.23 billion.<ref>{{cite news |author=<!--not stated--> |date=January 15, 2019 |title=Magna International says 2019 revenue to be hurt by unit sale, strong dollar |url=https://www.reuters.com/article/us-magna-international-outlook-idUKKCN1P9122 |work=Reuters |location= |access-date=}}</ref><ref>{{cite news |last=Kwak |first=Yeon-soo |date=April 1, 2019 |title=Hanon Systems acquires Magna's fluid control unit |url=https://www.koreatimes.co.kr/www/tech/2019/04/419_266420.html |work=[[The Korea Times]] |location= |access-date=}}</ref>


==See also==
==See also==
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}}
}}


{{KOSPI 200}}
{{Automotive industry in South Korea}}
{{Automotive industry in South Korea}}
{{Authority control}}


[[Category:South Korean companies established in 1986]]
[[Category:South Korean companies established in 1986]]
[[Category:Companies listed on the Korea Exchange]]
[[Category:Companies listed on the Korea Exchange]]
[[Category:Companies in the KOSPI 200]]
[[Category:Auto parts suppliers of South Korea]]
[[Category:Auto parts suppliers of South Korea]]
[[Category:Automotive companies established in 1986]]
[[Category:Automotive companies established in 1986]]
[[Category:Companies based in Daejeon]]

Latest revision as of 11:03, 22 March 2024

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; 38 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

[edit]

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

[edit]

References

[edit]
  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 News Agency. 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.
[edit]
  • Official website
  • Business data for Hanon Systems:
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