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Hanwha Systems Wins Largest-ever Defense Contracts in 2019
Defense Orders Total US$1.9 Bil.
Hanwha Systems Wins Largest-ever Defense Contracts in 2019
  • By Jung Min-hee
  • January 8, 2020, 10:39
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Hanwha Systems' Defense Division won defense contracts worth 2.2 trillion won (about US$1.9 billion) in 2019, the largest amount in its history.

Hanwha Systems' Defense Division recorded the best business performance in 2019 by winning defense contracts worth 2.2 trillion won (about US$1.9 billion). The figure represented an increase of 67 percent from 2018 and surpassed the order goal for 2019 by approximately 720 billion won (about US$621 million).

In August last year, Hanwha Systems signed a 550 billion won (about US$47.4 million) contract for aircraft enemy identification equipment (IFF mode 5). In December of the same year, the company struck another big deal, a 470 billion won (about US$405 million) contract for a tactical information communication system (TICN).

In addition, the military contractor landed more contracts including the development of a long-range surface-to-air missile (L-SAM) system and the supply of a multi-functional radar prototype worth 220 billion won (about US$190 million), the manufacture of an ultra-small and -light satellite worth 12 billion won, and the development of an automatic terrain following (ATF) computer for the next-generation Korean fighter aircraft KF-X worth 63 billion won (about US$54.3 million).