Cook said Hanwha Techwin was making the announcement ahead of its dealer summit in Puerto Rico March 6, and that signage and branding would reflect the new name along with Samsung and WiseNet product names at ISC West.
The Samsung line of products will continue to carry the Samsung name, according to Cook: "All products will be branded Samsung; in the future it will be our decision whether to keep the name the same or change it."
Regarding the possible future name change of Samsung products to the Hanwha name, Cook said, "We've grown our business significantly in the past five years through technology, innovation, the WiseNet chipset, and marketing and sales efforts. It's about relationships in this market; it's about the people you work with." Cook said that while a small minority of people might be concerned with a new name, the products and people at Hanwha Techwin remain the same, and they will continue the momentum and growth the company has enjoyed before the name change.
Cook explained that while the company was still under Samsung Holdings and called Samsung Techwin, it was a separate company. That separate company, with its 1,950 employees — including roughly 550 R & D people, 680 manufacturing people, and 540 in sales and marketing — is remaining the same, building the same innovative products, and continuing with the same momentum, only under the name Hanwha Techwin.
"The Samsung name does carry weight," Cook said. "We negotiated that it's up to us [when to stop using the Samsung name]. Eventually we want to make it our own brand." Cook said they want to make sure they don't hurt the company or slow down their momentum, and they will constantly reevaluate to see when it is most beneficial to drop the Samsung name. "There are no legal ramifications or contracts that have to be changed. We are keeping the name by choice."
Cook said the company's changing its name from Samsung Techwin to Hanwha Techwin is the next move in establishing itself under the Hanwha Techwin company. "Hanwha looks for companies in their core business, invests heavily in them and looks to build them up rather than tear them apart," Cook added. "You are going to see us grow faster than we have and see more innovation and technology from us."
Hanwha Techwin is looking to invest heavily in North America, Cook added, because North America is the standard.