Hanwha Land Systems Merges with Hanwha Defense
Hanwha Land Systems, a defense industry affiliate of Hanwha Group, has absorbed its subsidiary Hanwha Defense and changed its name to Hanhwa Defense.
In October last year, Hanwha Group decided to merge Hanwha Land Systems and its subsidiary Hanwha Defense to create a bigger company.
Hanwha Land Systems specializes in K9 self-propelled guns while the absorbed Hanwha Defense produces maneuver and launching systems such as the K21 armored vehicle and the Biho self-propelled twin-gun.
The newly launched Hanwha Defense aims to become a general defense company with strengths in the fields of firepower, maneuvering, air defense and unmanned systems, a company official said.
The merger will expand the new company’s assets and sales, enabling it to achieve economies of scale, cost cuts and cost efficiency.
"Our goal is to attain four trillion won in sales by 2025 to join the ranks of the world's top 20 defense companies," the official said.
As a result of the merger, the Hanwha Group's defense affiliates will consist of Hanwha Corp., Hanwha Aerospace, Hanwha Systems and Hanhwa Defense.