Hanwha Systems Achieves Record-Breaking Defense Sector Orders Last Year
Last Year Orders of 2.2 Trillion Won, 67% Increase Compared to 2018 Performance
[Asia Economy Reporter Ki-min Lee] Hanwha Systems' defense sector announced on the 7th that it surpassed 2.2 trillion KRW in annual orders last year, achieving the highest order record in its history. This represents a 67% increase compared to the 2018 performance and exceeds last year's order target by 720 billion KRW.
Hanwha Systems signed major contracts last year, including a 550 billion KRW contract for the Identification Friend or Foe system for aircraft (IFF Mode5) in August and a 470 billion KRW tactical information communication network (TICN) contract in December.
Additionally, it secured a 222 billion KRW contract with the Agency for Defense Development (ADD) for the prototype supply of a multifunction radar for the long-range surface-to-air missile (L-SAM) system development, a 12 billion KRW contract for ultra-small and lightweight satellites, and a 63 billion KRW contract with KAI for the development of the terrain-following computer (TFC) for the next-generation Korean fighter (KF-X) automatic terrain following (ATF) system. ATF refers to control technology that uses aircraft sensors to detect terrain and maintain altitude automatically during flight. The TFC technology enables advanced fighters to fly safely at low altitudes during missions such as close air support and weapon deployment while minimizing the probability of detection by enemy radar.
Hot Picks Today
"Most Americans Didn't Want This"... Americans Lose 60 Trillion Won to Soaring Fuel Costs
- "Striking Will Lead to Regret": Hyundai-Kia Employees Speak Out... Uneasy Stares Toward Samsung Union
- "Was This Delicious Treat Enjoyed Only by Koreans?"... The K-Dessert Captivating Japan
- Despite Captivating the Nation for Over a Month... "Timmy" the Whale Ultimately Found Dead
- "That? It's Already Stashed" Nightlife Scene Crosses the Line [ChwiYak Nation] ③
Kim Yeon-cheol, CEO of Hanwha Systems, stated, “Building on the record defense sector performance achieved last year, we will actively pursue new markets such as unmanned intelligent advanced weapon systems, smart surveillance and cybersecurity, and air taxis (PAV), while aggressively targeting the global market. As the only domestic defense electronics ICT company leading the 4th Industrial Revolution era, we will lead Korea’s smart defense era.”
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
