Seoul: Hanjin Group and LS Group have signed a memorandum of understanding (MOU) to enhance cooperation across various industries, including the aerospace sector, the companies announced Monday. Under this agreement, the two conglomerates plan to collaborate on advancing aerospace industry technology, developing urban air mobility (UAM) charging infrastructure, expanding green infrastructure for air transportation, and widening electric vehicle charging station networks.
According to Yonhap News Agency, Hanjin Group is a transportation and logistics conglomerate that owns South Korea's flagship air carrier, Korean Air Lines Co., while LS Group is primarily focused on electrics, materials, and energy sectors. Industry observers view this partnership as a strategic maneuver amid speculation over a potential shareholder battle involving Hoban Group.
Hoban Group, which owns Taihan Cable and Solution Co., recently acquired approximately a 3 percent stake in LS Cable and System. The rivalry between Taihan Cable and LS Cable has intensified due to an ongoing investigation into alleged technology leaks at LS Cable and a long-standing patent dispute between the two companies.
Furthermore, Hoban Group is the second-largest shareholder of Hanjin KAL, the holding company of Hanjin Group. Earlier this year, LS Group signed a strategic MOU with LIG Group to secure an ally amid a potential management battle involving Hoban Group.