DAEJEON, Korea, March 10, 2016 /PRNewswire/ -- Hanon Systems (KS: 018880) is celebrating 30 years producing innovative thermal management solutions for the automotive sector.
Established in 1986 as Halla Climate Control Corp. (HCC), the company was formed as a joint venture between Ford Motor Co. and Mando Machinery Corporation to produce air conditioning and heating systems. In 1999, the majority equity stake of HCC was transferred to Visteon Corp. in preparation for the spin-off of Ford's component divisions in 2000. In 2013, Visteon integrated its climate business with HCC to form Halla Visteon Climate Control Corp. (HVCC).
In a move to support increased fuel efficiency and reduced emissions, the company expanded its thermal management offering in 2014 when it acquired the thermal and emissions business from Cooper Standard Automotive, Inc.
In June 2015, Visteon sold its majority ownership interest to an affiliate of Hahn & Company, and Hankook Tire Co. Ltd., and the company changed its name to Hanon Systems to symbolize the company's core capabilities in thermal management with the Korean word characters han and on, each meaning coolness and warmth respectively.
Since its inception, Hanon Systems has grown in size and global scope, and today has a well-defined customer base consisting of nearly all major automakers. The company's sales revenue also has grown from KRW 0.23 trillion in 1987, to KRW 5.56 trillion in 2015.
During its 30-year journey, the company has been recognized with numerous accolades from the industry, customers and government agencies. Most notably, the company was named a winner of the Automotive News PACE Award in 2007 and 2013 for superior product innovation; and has received the prestigious Shingo Silver Medallion for operational excellence for achievements at its Bhiwadi, India plant in 2012.
Today, Hanon Systems is among the top thermal management suppliers in the industry. The company is focused on delivering technological advancements and product competitiveness, is well-positioned in its commitment to growth, and has a strong balance sheet with a diversified product and customer portfolio.
"Following our significant transformation in 2015, we have further sharpened our focus on stakeholders including employees, customers, suppliers, investors and the communities where we operate," said In-Young Lee, chief executive officer of Hanon Systems. "With the support of our new ownership, we are confident in the company's ability to grow and deliver shareholder value, and will continue our pursuit to deliver innovative fuel efficient and eco-friendly thermal solutions to the automotive industry."
About Hanon Systems
Hanon Systems is a full-line supplier of automotive thermal management solutions. Products include heating ventilation and air conditioning; compressors; powertrain cooling; fluid transport; and electric, hybrid and fuel cell vehicle thermal systems. With 40 manufacturing sites supported by four global technical centers in 19 countries, the company employs more than 15,500 people. To learn more, visit hanonsystems.com.
SOURCE Hanon Systems