SEOUL -- Hanwha Aerospace, an aircraft parts maker involved in the production of engines for South Korea's homegrown space rocket, will be reborn as a global defense solution company to benchmark Lockheed Martin, a U.S. aerospace, arms, defense, information security, and technology corporation.
In a board meeting on July 29, Hanwha Aerospace was allowed to absorb the defense business of Hanwha Corporation, a manufacturing and trading company that produces munitions, navigational systems for guided weapons, and lasers. Hanwha Defense, a defense contractor known for K9 self-propelled howitzers and infantry fighting vehicles, will be completely merged into Hanwha Aerospace.
"The plan is to create the Korean version of Lockheed Martin," Hanwha Aerospace said in a statement, adding that the company will be able to expand its export market by utilizing a client base established by Hanwha Corporation and Hanwha Defense.
To cope with the introduction of 4th industrial revolution technologies such as artificial intelligence, drones, and robots in defense, Hanwha Aerospace would produce unmanned and automated future weapons. "We will secure next-generation core technologies on unmanned and autonomous driving, energy storage technologies, and battlefield recognition technologies through proactive investment in research and development," said CEO Shin Hyun-woo.
Hanwha Aerospace is a key member of Space Hub, a group-wide team led by Kim Dong-kwan, the eldest son of group chairman Kim Seung-yeon, that combines different products or services such as satellite components.
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