Hanon Systems Co., Ltd. (Korean: 한온시스템 주식회사) is an automotive parts manufacturing firm headquartered in Daejeon, South Korea.
[1] On January 6, 2025, Hankook & Company Group announced that it had completed the acquisition of a majority stake in Hanon Systems.
[2] Hanon Systems was initially established as Halla Climate Control, a joint venture between Ford and Mando Machinery, in 1986.
[3] During the Asian financial crisis in 1999, Halla Group, a parent company of Mando, went bankrupt and sold its entire stake in the joint venture to Visteon under Ford.
[4][5] In 2015, Visteon sold its 70% stake in HVCC to a consortium led by Hahn & Company, a South Korean private equity investment firm, and Hankook Tire.