Samsung Techwin, now part of the Hanwha Group, has been renamed to Hanwha Techwin for its Korean operations, according to a report on BusinessKorea.
It will stay Samsung Techwin in Europe, America, and China, the company said.
The group and Samsung Techwin announced on June 14 that they launched a taskforce team to establish “Techwin’s new vision and growth strategy” at Samsung Techwin R&D support center in Pangyo, Gyeonggi Province, on June 12, the report said.
Previously, Hanwha carried out an inspection for six months after making the decision to acquire Samsung Techwin at the end of November last year. Accordingly, Samsung Techwin completed the “big deal” by changing its name to Hanwha Techwin and naming its new appointed director at the shareholders meeting on June 29, the report said.
According to the report, Hanwha also proposed objectives to grow Hanwha Techwin into a global company targeting civilian demands. The group considers Samsung Techwin’s CCTV business as the growth pivot of the electronic and IT business of Hanwha Group in the future and set a goal to become the global leader in the sector.
Meanwhile, the medium and long-term task force team also completed the establishment of a medium- and long-term strategy at the end of June when the takeover was completed, the report said. It also announced its new integrated vision last month.