What was the significance of the Korean company Hanwha Group?
The Hanwha Corporation is a major South Korean conglomerate founded in 1952 as an explosive manufacturer, the Korean War still underway at the time. Hanwha continues to be a major supplier of explosives for both commercial and military purposes, while expanding into other industries, including solar and other forms of renewable energy research and investment in addition to trading in minerals and agricultural goods. Its investments in renewable energy technologies is one of its more recent business developments, and it has emphasized the development of solar cells. Its corporate board has successfully balanced its two main business lines, with its origins as an explosives manufacturer retaining its importance to the company’s day-to-day operations while also investing in the research and development of advanced guidance systems for indigenously-produced munitions. Additional Hanwha divisions specialize in financial services and the hotel and resorts industry. One of the corporation’s largest projects involves rebuilding the Iraqi town of Bismayah, including infrastructure and housing, which had been destroyed during the war in that Middle Eastern country. The company’s 2013 annual report also boasts of its securing of a contract to build the world’s largest domed stadium, in the Philippines, as well as large-scale water and energy projects in the Kingdom of Saudi Arabia.