Hanwha Aerospace signs $642M Cheongung-II system deal with LIG Nex1

Home > Business > Industry

Hanwha Aerospace signs $642M Cheongung-II system deal with LIG Nex1

Published: 26 Dec. 2024, 17:03

Cheongung-II missile defense system [Defense Acquisition Program Administration]

Hanwha Aerospace said Thursday that it has signed contracts worth a combined 940 billion won ($642 million) with LIG Nex1 to supply components for the Cheongung-II missile defense system, which was recently exported to Saudi Arabia.

Hanwha Aerospace said that under the agreements, it will provide rocket launchers and other components for the Cheongung-II medium-range surface-to-air missile defense system to LIG Nex1.

The deals are part of LIG Nex1's $3.2 billion contract signed in February to export the missile system to the Middle Eastern country.

The Cheongung-II system, 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.

LIG Nex1 is responsible for producing the missiles and integrated system, while Hanwha Aerospace manufactures the launchers and Hanwha Systems supplies the radar.

Yonhap