Hanwha recently issued a brief statement concerning the status of its security division, which has undergone what is known as a “captive spin-off.”
The business is still 100 per cent owned by its parent company, but is now a separate item for accounting purposes.
According to the statement:
“In practical terms, this means no changes to the way we currently work, our R&D operations, our staff, our locations, and our branding. The spun-out security business will retain the existing Hanwha Techwin corporate name and the product branding will continue to be Wisenet. For our customers and partners, this will be business as usual. This is a very positive move for the Hanwha Techwin Security Business because the change in structure will let us have more independence when it comes to business operations. This will allow us to be more agile and competitive than ever.”
The Hanwha Corporation acquired Samsung Techwin in 2015. The business began operating as Hanwha Techwin America a year later.