Hanwha Aerospace's Global Expansion: Doubling European Arm Revenue by 2027

Hanwha Aerospace, South Korea's largest defense firm, is set to double its European land arms revenue by 2027. The company plans to achieve this through deals allowing overseas production in customers' countries, receiving backing from the South Korean government. Hanwha's major contracts with Poland and Romania highlight this strategy.

Hanwha Aerospace, South Korea's largest defense company, anticipates a significant surge in its European land arms revenue, aiming to double by 2027. This growth is attributed to strategic international partnerships that facilitate production within client countries, enhancing regional defense capabilities.

In a recent interview, CEO Son Jae-il emphasized the shifting dynamics in global arms procurement, particularly in Europe, where countries are increasingly keen on domestic production of defense technology. This trend aligns with Hanwha's strategy of joint production, backed by South Korean government support to ease political resistance and strengthen supply chains.

Capitalizing on opportunities post Russia's invasion of Ukraine, Hanwha's robust export operations include lucrative deals with Poland and Romania, totaling billions of dollars. The firm's ability to produce arms quickly and affordably positions it as a competitive NATO supplier, aiming to become the fourth-largest arms exporter globally by 2027.

(With inputs from agencies.)