South Korea’s Hanwha Aerospace to spin off industrial solutions businesses from defence

SEOUL: South Korea’s Hanwha Aerospace said on Friday it will spin off its semiconductor equipment and video surveillance businesses, carving out units that contributed about 16% to revenue in favour of focusing on its flagship defence division.

The announcement sent the firm’s share price down 8% in morning trade on profit-taking. The stock had jumped on Tuesday by more than 15% after local media reported the spin-off plan.