The Korea Herald


Hanwha makes Time's top 100 most influential companies list

Defense and energy conglomerate joins US magazine's list as only Korean company this year

By Kan Hyeong-woo

Published : May 31, 2024 - 14:08

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Hanwha Group headquarters in Seoul (Hanwha Group) Hanwha Group headquarters in Seoul (Hanwha Group)

Hanwha Group has made the list of Time magazine's 100 Most Influential Companies in the world for the first time, as the only Korean company recognized this year.

The list, which was unveiled on Thursday, described Hanwha as the "Lockheed Martin" of Asia, pointing out that the conglomerate had a good business year amid the ongoing global geopolitical crises.

The US magazine noted that Hanwha Aerospace's market value jumped 69 percent last year to top $7.8 billion through signing multibillion dollar deals with Poland and Australia.

Labeling Hanwha as an "environmental defense" player, Time added that the Korean company has gone beyond its significant defense manufacturing presence to move further into the renewable energy industry through solar and wind farms and clean hydrogen technology.

"Late last year, Hanwha received approval from the American Bureau of Shipping for the world’s first large-scale, carbon-emission-free liquefied natural gas carrier, equipped with an ammonia-fueled gas turbine that is expected to significantly reduce carbon emissions from the ship," wrote Chad de Guzman, a Time reporter based in Singapore.

"With 90 percent of goods traded across the ocean, Hanwha’s initiative could usher in a future of more sustainable supply chains."

Hanwha said it is driving the energy transition forward with its diverse portfolio of energy solutions and innovations.

Time began its annual list of the 100 most influential firms worldwide in 2021 with nominations and polls from its global network of contributors, correspondents and outside experts and the editors' evaluation.

In the case of Korean firms, industry leaders -- Samsung, SK, Hyundai Motor and Hybe -- as well as up-and-coming players such as the Pinkfong company, creator of Baby Shark, and Blind, the developer of the popular anonymous online discussion forum app for verified employees, made the list in previous editions.