Hanwha Aerospace Co. announced Thursday that it has signed contracts worth a combined 940 billion won (US$642 million) with LIG Nex1 Co. to supply components for the Cheongung-II missile defense system, which was recently exported to Saudi Arabia.
According to Hanwha Aerospace, under the agreements, the company will provide rocket launchers and other critical components for the medium-range surface-to-air missile defense system. These deals are part of a larger US$3.2 billion contract signed by LIG Nex1 in February to export the Cheongung-II system to Saudi Arabia.
The Cheongung-II missile defense system, considered the core of South Korea's missile defense strategy, was designed to intercept incoming missiles and aircraft, primarily as a safeguard against threats from North Korea.
While LIG Nex1 is responsible for producing the missiles and integrating the system, Hanwha Aerospace will focus on manufacturing the launchers, and Hanwha Systems Co. will supply the radar systems.
This collaboration highlights South Korea’s growing defense exports, with the Cheongung-II system being a significant milestone in the nation's military technology exports.
The details were shared by Kim Boram from the South Korean news agency Yonhap News.