Hanwha Classic Golf Tournament Bidding Farewell After 34 Years
Seoul, South Korea – The prestigious Hanwha Classic, a cornerstone of the Korea Women’s Professional Golf Tour (KLPGA), will conclude its impressive 34-year run after the 2024 tournament held this past August. This announcement came from Hanwha Q CELLS, long-time host of the tournament, who cited a recent business review in its decision.
"We have decided to suspend golf tournaments after the Hanwha Classic 2024," stated Hanwha QCELLS. "As the KLPGA Tour has established itself as a popular sport enjoyed by a wide range of age groups, we would like to provide the opportunity to sponsor golf for companies or organizations another."
The tournament held a prominent position within the KLPGA, ranked among the top five tiered events with the KLPGA Championship, the Korea Women’s Open, the KB Financial Star Championship, and the Hite Jinro Championship. With a testament to its stature, Hanwha Classic raised its total prize money to 1.7 billion won last year, making it the most lucrative event on the KLPGA Tour.
This news comes as a blow to the KLPGA Tour, which had forged a strong partnership with Hanwha QCELLS. However, the tour remains determined to find a new sponsor to continue the legacy of the Hanwha Classic, maintaining its crucial place among the five major tournaments.
But the impact extends beyond the KLPGA Tour. Hanwha QCELLS also announced the end of its sponsorship for athletes competing in the U.S. and Japan, including notable names like Ji Eun-hee and Shin Ji-eun. This decision, it’s widely believed, is linked to recent financial struggles experienced by Hanwha QCELLS.
Adding to the concerns, Hanwha QCELLS’ German branch has begun staff reductions at its manufacturing and research facilities. This marks the first-ever restructuring of its workforce since Hanwha acquired the German company in 2012.
Just last year, Hanwha QCELLS committed to investing a substantial $3.2 billion in constructing an integrated solar power production facility in Georgia, USA. The aim was to capitalize on the Inflation Reduction Act subsidies and maintain a competitive edge against Chinese manufacturers during a period of intense market volatility.
However, potential changes to the already implemented Inflation Reduction Act, possibly even its revocation under the new U.S. administration, adds a layer of uncertainty to Hanwha QCELLS’ long-term plans.
While the future for Hanwha Classic remains unclear as the search for a new sponsor begins, this year’s champion, Park Ji-young, will forever be remembered as the final victor of this celebrated tournament.
“We have decided to suspend golf tournaments after the Hanwha Classic 2024 held last August,” Hanwha QCELLS stated.
2024-11-29 08:37:00
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## Farewell to a Classic: Hanwha Tournament Bids Adieu After 34 Years
**World Today News Exclusive Interview wiht Kyoung-Woo Han, Chairman of Hanwha Group**
**Seoul, South Korea** – The prestigious Hanwha Classic Golf Tournament, a fixture on the Korean golf scene for over three decades, is set to bid farewell after its 34th edition. This news has sent ripples of nostalgia and sadness through the golfing community, both in Korea and internationally. To shed light on this decision and the tournament’s legacy, World Today News had an exclusive interview with Mr. kyoung-Woo Han, Chairman of Hanwha Group, the organization behind this beloved golfing event.
**World Today News:** Mr. Han, thank you for taking the time to speak with us. This news of the Hanwha Classic’s conclusion after 34 years is deeply saddening for many golf enthusiasts. Could you tell us what led to this difficult decision?
**Mr. Han:** The Hanwha Classic has been a source of great pride for our organization since its inception in 1989. We’ve witnessed countless extraordinary moments, young talents blossoming into champions, and the sport of golf flourishing in Korea. However, after much deliberation, we believe it’s time to transition our focus towards newer initiatives that align with Hanwha’s evolving priorities.
**World Today news:** Can you elaborate on these new priorities and how the decision to end the tournament fits into the larger picture for Hanwha?
**Mr. Han:** As a global conglomerate, Hanwha is constantly evolving and seeking new avenues for growth and social impact. We are currently investing heavily in renewable energy, advanced materials, and other sectors that address pressing global challenges.We believe these areas present significant opportunities for innovation and positive change, which aligns with Hanwha’s long-term vision.
**world Today News:** While we understand the business rationale, the Hanwha Classic holds a special place in the hearts of many golfers and fans.
What message would you like to convey to them?
**Mr. Han:** We are deeply grateful for the unwavering support we’ve received from golfers, fans, sponsors, and partners throughout the tournament’s history. Their passion and dedication have made the Hanwha Classic a truly special event. We will cherish the memories we’ve created together and hope the tournament’s legacy will continue to inspire future generations of golfers.
**World Today News:** Will Hanwha still be involved in supporting golf growth in Korea in other ways?
**Mr. Han:** Absolutely. While we are saying goodbye to the Hanwha Classic,our commitment to fostering golf in Korea remains strong. We will continue to explore new avenues to support young golfers, promote the sport’s growth, and contribute to its vibrant future.
**World Today News:** Thank you for your time, Mr. Han. Your words offer both understanding and a glimpse into Hanwha’s vision for the future. We wish you and the entire Hanwha organization continued success in its endeavors.
