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Biz News Korea(Eng)

LIG Nex1 starts commercial production of mid-range infantry guided missile

Collected: 2016.12.03

Distributed: 2016.12.05

Source: Go Direct

[Photo by LIG Nex1 Co.]

LIG Nex1 Co., a South Korean aerospace manufacturer and defense company, has kick-started commercial production of a mid-range infantry guided missile named “Hyeongung” or “Raybolt.”

The portable anti-tank guided missile is the first of such missile developed and produced by Korean contractors using domestic technology.

LIG Nex1 announced Friday it signed a contract with Defense Acquisition Program Administration (DAPA) for the low-rate initial production (LRIP) of the missiles. The initial delivery is valued at 32.7 billion won ($27.88 million).

The company plans to deliver the missiles worth 1 trillion won over the next seven years to the Army and the Marine Corps of Korea.

The missile development program has been led by the government’s Agency for Defense Development (ADD) for nine years. The missiles will replace anti-tank weapons used by Korean warfighters.

DAPA cooperated with 270 Korean defense contractors to localize 11 key components of Raybolt and 95 percent of them were successfully crafted by domestic companies.

Experts say Raybolt is the most advanced one among the infantry weapon systems in compact and lightweight features. It is also regarded excellent in easy operation, warhead penetration, effective range, optical performance, detection and tracking performance.

By Kim Jung-hwan

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