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Hanwha Defense aims to raise $2 billion in sales by 2025

Collected: 2016.07.21

Distributed: 2016.07.22

Source: Go Direct

[Photo by Hanwha Defense]

Hanwha Defense Systems Co., a defense unit of South Korean conglomerate Hanwha Group, unveiled a new vision on Wednesday of becoming a leader in the global defense industry that provides reliable defense solutions by quadrupling its sales to 2.3 trillion won ($2 billion) by 2025. The vision was announced at a ceremony held in Changwon, South Gyeongsang.

Hanwha Defense Systems is one of Korea’s top three ground weapon manufacturers along with Hanwha Techwin Co. and Hyundai Rotem Co. The company became part of Hanwha Group when the conglomerate acquired Doosan Defense Systems & Technology Co. (Doosan DST) from Doosan Group in May.

Based on the new vision, Hanwha Defense Systems aims to raise 1.2 trillion won in sales by 2020 and 2.3 trillion won by 2025 to become a leading player in the global defense industry.

Shin Hyun-woo, chief executive of Hanwha Defense Systems, said that the company is a major unit of Hanwha Group’s defense division that boosts growth and that it will play an important role in positioning the group as a global leader.

Hanwha Defense Systems manufacturers armored vehicles, anti-aircraft weapons, guided weapons, and launching pads. Last year, the company raised 40.9 billion won in operating profit on sales of 693.2 billion won, reaching a profit rate of 5.9 percent.

By Kim Jung-hwan

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