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LIG Nex1 to build its second arsenal in Gimcheon, Korea

Collected: 2016.07.08

Distributed: 2016.07.11

Source: Go Direct

[Photo provided by LIG Nex1]

LIG Nex1 Co., precision-guided weapons maker in South Korea, said Thursday that it signed a memorandum of understanding (MoU) agreement with Gimcheon City to build its second armory in the southern city by 2023.

Lee Hyo-koo, Vice Chairman and CEO and Gimcheon Mayor Park Bo-saeng and other officials attended the signing ceremony. The second will be auxiliary to the first factory completed last year at 160 billion won ($138.2 billion) to turn out missiles and other precision-guided arms for home and abroad.

Under the first pact inked in September 2010, LIG Nex1 constructed arms factory at Nam-myeon in Gimcheon City in North Gyeongsang Province. The new contract will erect another plant on a 22,000 square meter area.

Lee said the host city has optimal infrastructure to provide the base for its ambition to become a global defense maker.

LIG Nex1 has recently been aggressive in capital investment. It is also building a weapons research and development (R&D) center in Daejeon City. It aims to boost export share to 20 percent by 2020 from current 6.4 percent by advancing technology.

By Kim Jung-hwan

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