- Cooperation in five areas, including cloud computing, transportation and railways, and industrial automation.
- Two companies organize sub-committee to enter overseas market together

POSCO ICT (Nam-suk Hur, CEO) and Hanhwa S&C (Hwa-Keun Jin, CEO) joined hands to develop the convergence type business and enter into the overseas market together.

The two companies signed an MoU for business cooperation at the Plaza Hotel on the 14th, with the participation of executives from both companies, including Nam-suk Hur, CEO of POSCO ICT, and Hwa-Keun Jin, CEO of Hanhwa S&C. They agreed to cooperate actively on the development of a model for joint growth.

The two companies plan to generate a synergy effect through mutual cooperation in diverse areas, including cloud computing, transportation and railways, environment and energy, and LEDs, as well as industrial automation. To that end, they will organize a joint cooperation promotion team, and operate a sub-committee for each business item, in order to determine the most practical methods of cooperation. They will also promote joint entry into the overseas market by coping with changes in the global IT market.

“We will identify the convergence-type business that mixes the core technologies possessed by our two companies, and generate a new synergy effect to create a cooperation model that guarantees a win-win effect for our both of us,” said Nam-suk Hur, CEO of POSCO ICT.

Hwa-Keun Jin, CEO of Hanhwa S&C, emphasized the need for “a challenging spirit to discover new possibilities” in his opening speech, and said that he expects the two companies to contribute to improving national competitiveness as well as global markets in the future.