Protests against investments in cluster munitions.
key facts
headquarters
South Korea
turn over / profit
CEO / chair
Sueng-Youn Kim
CEO
number of employees
key sectors / activities
arms
about Hanwha
Hanwha
Corporation, the former Korea Explosives Corporation, is a world business
leader in industrial explosives production, and in construction, trade,
machinery, and pharmaceuticals. The South Korean Company was officially designated a defence contractor in
1974. Since then, it has specialised in munitions, whose productions process
has been under strict government control and for which the Korean Government is
the sole customer.
Hanwha
is one of South Korea's
two producers of cluster munitions (Poongsan is the other). The company
produces 130 mm Multiple Launch Rocket
System and 2.75" Multi-purpose
submunitions (MPSM). The company confirmed its
manufacture of these types of cluster munitions in a written answer to Norway's
Government Pension Fund in 2007.
The 130 mm MLRS is described on the company's
website as a rocket "to launch multiple rockets into concentrated enemy
encampments across a wide area."
The 2.75-inch MPSM is identified on the company's website
as the "HE MPSM K224 Warhead [that] contains 9 each multipurpose submunitions
for use against personnel, material and light armour.
In February 2010, Hanwha Corp issued Korean Won 100 billion (US$86.1 million) three-year
bonds. The proceeds were used for general corporate purposes. Tong Yang Securities
underwrote the complete issue.