SEOUL, Jan. 23 (Korea Bizwire) –Hanwha Aerospace Co., widely viewed as a leading contender for a major Norwegian long-range rocket procurement project, could end up securing the deal in the very near future following a vote by the Norwegian parliament on the multibillion-dollar project early next week, industry watchers said Friday. An authorization bill for [...]
SEOUL, Jan. 21 (Korea Bizwire) — South Korea has formally begun development of a new electronic warfare aircraft designed to disrupt enemy air defenses and command systems from long range, marking a significant step in strengthening its modern combat capabilities. The Defense Acquisition Program Administration said Tuesday that it held a kickoff meeting for the Electronic [...]
SEOUL, Jan. 18 (Korea Bizwire) – South Korea’s military has begun deploying the high-power Hyunmoo-5 ballistic missile, military sources said Sunday, as Defense Minister Ahn Gyu-back called for a “balance of terror” to counter North Korea’s nuclear threat. The surface-to-surface missile — dubbed a “monster” because of its size — is designed to strike underground [...]
SEOUL, Jan. 14 (Korea Bizwire) — Hanwha Corp., the de facto holding company of Hanwha Group, said Wednesday it will split its operations to create a new holding company for its technology and lifestyle businesses, while keeping its defense and shipbuilding units under the existing corporate structure—a move aimed at improving governance and sharpening strategic [...]
SEOUL, Dec. 30 (Korea Bizwire) — South Korean defense company Hanwha Aerospace Co. said Tuesday it has signed a 5.6 trillion-won (US$4 billion) contract with Poland’s arms procurement agency to supply Chunmoo multiple launch rocket systems. The Polish Armament Agency and a consortium comprising Hanwha Aerospace and Hanwha-WB Advanced System (HWB) signed the third-stage deal [...]
SEOUL, Dec. 23 (Korea Bizwire) — South Korea’s homegrown KF-21 fighter jets under development will be fitted with air-to-ground capabilities starting in 2027, ahead of schedule, the state arms procurement agency said Tuesday. The plan comes as authorities plan to spend around 700 billion won (US$472 million) to conduct a series of tests involving 10 [...]
SEOUL, Dec. 18 (Korea Bizwire) — Hanwha Systems Co., a defense solutions unit of South Korea’s Hanwha Group, said Thursday it has signed a contract with Boeing Co. to supply advanced cockpit displays for F-15K and F-15EX fighter jets. Under the agreement, Hanwha Systems will provide the Eagle Large Area Display (ELAD) for Boeing’s fighter [...]
SEOUL, Dec. 12 (Korea Bizwire) — Hanwha Group secured approval from the Australian government to increase its stake in Austal Ltd., advancing the South Korean conglomerate’s effort to expand its defense and shipbuilding footprint across Oceania and North America. Australia’s Treasurer Jim Chalmers said the government will allow Hanwha to lift its shareholding in the Perth-based [...]
SEOUL, Dec. 3 (Korea Bizwire) — Korean Air Co. and Hyundai Rotem Co. said Wednesday they will jointly develop a reusable 35-ton-class methane rocket engine — a core technology for next-generation launch vehicles — by October 2030 under a government-backed 49 billion-won (US$33 million) program. Under the program, overseen by the Korea Research Institute for [...]
SEOUL, Dec. 2 (Korea Bizwire) — Global defense revenues reached an all-time high in 2024 as the wars in Ukraine and Gaza fueled a surge in weapons demand, particularly across Europe, according to new data from the Stockholm International Peace Research Institute (SIPRI). South Korea’s leading defense companies continued their rapid ascent, pushing the country into [...]