Hwaseung Corporation to Play Key Roles after Completing Restructuring

BUSAN,South Korea,June 4,2021 -- Hwaseung Corporation,the automotive parts arm of Hwaseung Group,is intensifying efforts to improve business efficiency after completing its corporate restructuring through a spin-off.

Hwaseung R&A spin-off overview

On March 15,trading of Hwaseung Corporation's stocks resumed,shortly after Hwaseung Group completed the procedure. Hwaseung Corporation is the surviving entity of Hwaseung R&A on a post-spin-off basis. The spun-off entity,Hwaseung R&A,relisted its shares on the same day will continue to focus on the existing automotive parts business.

Hwaseung Corporationplans to develop future businesses in non-automotive sectors,for example,industrial rubber products,and make investment decisions. Also,it will serve as a global headquarters for Hwaseung Groupwhich support and control affiliates in automotive parts,key industrial materials,and international trade.

Meanwhile,the spun-off entity,will concentrate on the business of automotive parts. It will step up R&D activities for green auto parts and preemptively respond to the rapidly changing paradigm of the automotive market in order to meet the future demand of the auto parts industry.

An insider from Hwaseung Corporation said the spin-off will allow us to separate investment and operation for higher efficiency and explore different activities to make a leap forward creating a firm foundation as a global leader. He added Hwaseung Corporation will lead the effort to find new high-value-added business opportunities and turn them into a sustainable business model,increasing the value for the company and its shareholders.

About Hwaseung Corporation

As Hwaseung Group's global think tank,Hwaseung Corporation enables and accelerates our group companies' innovations towards the next leading-edge businesses. To keep the Hwaseung Group sustainable and thriving up to the standards set by our long history of excellence and reputation in international rubber businesses,we are pouring ceaseless efforts into R&D and investment for renewable energy and next-generation technologies.

Hwaseung Corporation,which serves as a global headquarters (GHQ) by connecting and networking its worldwide operations in the automotive,international trade,and rubber industries,strives to offer business solutions & strategies customized for each operation's needs and performs key functions to drive the group's constant growth by ensuring steady operating performance and solid investment strategies.

One of our biggest missions is to supply a wide range of rubber products to benefit our global customers in various aspects from day-to-day life to high-tech areas including civil engineering,port operation,construction,and other various industrial projects.

Hwaseung Corporation contact information

Media Relations:

PR Team,Hwaseung Corporation

Email: byungho.kim@hscorp.com

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