Hanwha Building in Seoul’s Janggyo-dong. Hanwha Group
Hanwha Group (000880) said on the 20th that it will make early payments of about 185 billion won ($132 million) to 1,580 suppliers ahead of the Chuseok holiday.
By affiliate, the payments include 52.5 billion won from Hanwha Aerospace (012450), 55 billion won from Hanwha Ocean (042660), 24.5 billion won from Hanwha Systems (272210) and 14 billion won from Hanwha’s construction division.
The group expects the early payments to help suppliers pay out performance bonuses and cover material costs owed to their own second- and third-tier suppliers.
Hanwha Group has been making early payments ahead of holidays to ease the cash-flow burden on suppliers. It paid out about 179 billion won early for the Lunar New Year holiday this year.
In his New Year’s address this year, Hanwha Group Chairman Seung-youn Kim said workers at suppliers are also part of the Hanwha family and that local communities are the ground on which Hanwha’s businesses stand, underscoring the group’s shared-growth principle of “going far together.”
Major affiliates also plan community outreach activities ahead of Chuseok. Hanwha Aerospace will deliver rice, snacks and daily necessities to underprivileged residents near its sites in Daejeon, Changwon and Yeosu. Hanwha Ocean and Hanwha Solutions will hold holiday food-sharing events at their sites in Geoje, Ulsan and Daejeon.