Hanwha Group declares to take over Phasor Solutions antenna company
Date: 2020-06-09   Author: Pankaj Singh  Category: #news

Hanwha Group declares to take over Phasor Solutions antenna company

  • Hanwha Group has announced its acquisition of Phasor Solutions Ltd., a British company specializing in the development of satellite communication antenna.
     
  • The takeover has been initiated citing the growth potential of the satellite communication equipment market.

South Korean solutions provider Hanwha Group has reportedly announced its acquisition of Phasor Solutions Ltd., a satellite communication antenna company based in the UK. The move has been initiated by the company in a bid to obtain a new growth driver.

According to Kim Youn-chul, Chief Executive at Hanwha Systems, the company has made an instant decision to acquire Phasor Solutions citing the large growth potential of the satellite communication equipment market in the coming years.

For the uninitiated, Hanwha Systems has been a leading global total solutions provider headquartered in South Korea. The organization was founded in 1978 by Samsung Electronics under the parent organization Hanwha Aerospace. The company is a specialized provider of differentiated smart technologies in the areas of defense electronics and information infrastructure.

Sources claim that Hanwha Systems has stated that it has already confirmed the deal regarding the takeover of Phasor Solutions in the previous week.

According to a company spokeswoman, Phasor Solutions has recently gone bankrupt as it was facing difficulty in attracting investments amid the COVID-19 fallout. Phasor Solutions has been the major developer of broadband ESAs (Electronically Steerable Antennas) which make high speed communication at sea, land, or in flight possible. These ESAs facilitate stable communication in remote areas where it is not easy to access the internet. ESAs are also used for providing video services in aircrafts and telematic services in self-driving cars.

For the record, Hanwha Systems has not yet disclosed the contract value and other particulars owing to the confidentiality agreement. Hanwha has been looking for potential investment opportunities for over a year to make headway into the satellite communication antenna market.

 

Source Credits:

http://www.koreaherald.com/view.php?ud=20200608000268



About Author


Pankaj Singh

Pankaj Singh

Pankaj Singh Develops content for Algosonline, Market Size Forecasters, and a couple of other platforms. A Post Graduate in Management by qualification, he worked as an underwriter in the UK insurance domain before deciding to switch his field of profession. With exp...

Read More

More from Pankaj


Post Recommendents

Earned Value Management Software Market Future Challenges and Industry Growth Outlook 2025
Author: Sachin Pashte

Market Study Report LLC delivers significant information and realistic data of the Global Earned Value Management Software Market via this newly added research in its database. The report presents a deep study of the market growth factors and driv...


Global Data Center Monitoring Software Market Size, Analytical Overview, Growth Factors, Demand, Trends and Forecast to 2025
Author: Sachin Pashte

MarketStudyReport.com adds New Report on Global Data Center Monitoring Software Market to its research database. The report focuses on global major leading players with information such as company profiles, Growth, product segment, technology segm...


Automotive Wire & Cable Market by Trends, Key Players, Driver, Segmentation, Forecast to 2025
Author: Sachin Pashte

The latest report on ' Automotive Wire & Cable Market' now available at Market Study Report, LLC, explains the current and upcoming trends besides details related to the regional landscape of the ' Automotive Wire & Cable marke...