BAE Systems and South Korea’s Hanwha Systems will work together to develop a multi-sensor satellite system as both companies bolster their space portfolios.
Hanwha Systems has won a $40 million contract from South Korea's Agency for Defense Development to develop a new multi-function radar for its L-SAM-II.
Hanwha Aerospace is expanding its engine R&D efforts following Seoul's commitment to pump $2.3 billion into development of a 16,000-lb. domestic fighter engine.
Hanwha Aerospace has agreed to produce the rockets for the K239 Chunmoo system in Poland after already agreeing to produce the launcher in the country.
KAI and KB Kookmin Bank have signed a memorandum of understanding which will see the South Korean bank provide up to KRW1 trillion ($703 million) in financial support to the OEM.
South Korea's Hanwha Aerospace says a capital raise of around $2.5 billion will fund expansion abroad, such as in Europe where defense spending has increased.
Hanwha Aerospace says its ready to support the South Korean government when it decides how to pursue an indigenous engine program for the KF-21 fighter.