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Photo = Hanwha system |
[Alpha Biz= Kim Jisun] Hanwha Aerospace announced on the 26th that it has signed a 940 billion KRW (approximately 710 million USD) contract with LIG Nex1 to supply components, including launchers, for the export of the ‘Cheongung-II’ missile system to Saudi Arabia.
The mass production contract for the launcher segment of the Cheongung-II project amounts to approximately 628.4 billion KRW, accounting for 6.71% of Hanwha Aerospace's recent sales revenue. The contract for missile tube components and launch canisters totals 318.4 billion KRW, equivalent to 3.4% of its recent sales.
Known as the Korean Patriot, the Cheongung-II is a ballistic missile defense system. In February, a 3.2 billion USD (approximately 4.25 trillion KRW) export agreement was signed with Saudi Arabia. The deal was unveiled during discussions between former South Korean Defense Minister Shin Won-sik and Saudi Defense Minister Khalid bin Salman Al Saud.
Developed under the leadership of the Agency for Defense Development (ADD) since 2012, the Cheongung-II is a mid-range, mid-altitude surface-to-air missile system produced by LIG Nex1. It was designed to counter both ballistic missile threats and aerial targets simultaneously. The system received combat suitability approval in 2017 and has been in mass production since 2018.
In the Cheongung-II export program, Hanwha Systems manufactures the multifunction radar (MFR), while Hanwha Aerospace supplies the launchers and related components.
AlphaBIZ Kim Jisun(stockmk2020@alphabiz.co.kr)
