Hanon Systems Co., Ltd. () is an automotive parts manufacturing company headquartered in
Daejeon
Daejeon () is South Korea's fifth-largest metropolis, with a population of 1.5 million as of 2019. Located in the central-west region of South Korea alongside forested hills and the Geum River, the city is known both for its technology an ...
, South Korea. Hanon Systems is one of the world's largest suppliers of auto thermal management systems.
History
Hanon Systems was initially established as Halla Climate Control, a joint venture between
Ford
Ford commonly refers to:
* Ford Motor Company, an automobile manufacturer founded by Henry Ford
* Ford (crossing), a shallow crossing on a river
Ford may also refer to:
Ford Motor Company
* Henry Ford, founder of the Ford Motor Company
* Ford F ...
and
Mando Machinery, in 1986. During the
Asian financial crisis
The Asian financial crisis was a period of financial crisis that gripped much of East Asia and Southeast Asia beginning in July 1997 and raised fears of a worldwide economic meltdown due to financial contagion. However, the recovery in 1998– ...
in 1999,
Halla Group
Halla Group (Hangul: 한라그룹) is a South Korean chaebol that engages in automobile, construction, distribution/port, investment, education, and sports businesses in Korea and internationally. Its construction business comprises the provision ...
, a parent company of Mando, went bankrupt and sold its entire stake in the joint venture to
Visteon
Visteon Corporation (VC) is an American global automotive electronics supplier and Fortune 500 company spun off from the Ford Motor Company in 2000. Visteon is composed of multiple businesses that design, engineer, and manufacture vehicle cockpit ...
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.
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
Hankook Tire & Technology (; , also known simply as Hankook and stylised ), is a South Korean tire company. Based in Seoul, Hankook is the seventh largest tire company in the world.
History
Hankook Tire was established by Jae Hun Chung's grandf ...
. HVCC was renamed Hanon Systems after the acquisition. In 2019, Hanon Systems acquired
Magna International
Magna International Inc. is a Canadian parts manufacturer for automakers. It is one of the largest companies in Canada and was recognized on the 2020 ''Forbes'' Global 2000. The company is the largest automobile parts manufacturer in North Americ ...
's fluid pressure and control unit for US$1.23 billion.
See also
*
Automotive industry in South Korea
The automotive industry in South Korea is the fifth-largest in the world as measured by automobile unit production and also the sixth-largest by automobile export volume.
While its initial operations were merely the assembling of parts impor ...
References
External links
*
{{Authority control
South Korean companies established in 1986
Companies listed on the Korea Exchange
Companies in the KOSPI 200
Auto parts suppliers of South Korea
Automotive companies established in 1986
Companies based in Daejeon