Welcron's stock surged following news of its collaboration with Indonesia's state-owned defense company to supply protection kits for armored vehicles.
As of 1:35 PM on July 16, Welcron shares were trading at 1,476 won, up 239 won (19.32%) from the previous trading day, according to the Korea Exchange.
The increase in stock price is attributed to the signing of a memorandum of agreement (MOA) with the Indonesian defense firm Pindad for the supply of mine protection kits for wheeled armored vehicles.
Welcron announced that it has established a cooperative framework for supplying protection kits for armored vehicles with Pindad, which is Indonesia's leading state-owned defense company involved in the development and production of military vehicles, armored vehicles, small arms, and ammunition.
Welcron plans to leverage its independently developed armored vehicle protection technology for this collaboration. The company aims to expand its business from personal protection products, such as bulletproof vests and plates, into high-value defense sectors, including additional armor for armored vehicles and naval vessels.
A Welcron representative stated, "We have established a cooperative framework with Pindad based on our independently developed armored vehicle protection technology, marking a significant achievement recognized by foreign defense companies for our technological capabilities and product competitiveness."
Since 2018, Welcron's defense division has supplied personal protection bulletproof plates to the Defense Acquisition Program Administration and has delivered additional armor for wheeled armored vehicles, bulletproof plates for high-speed boats and landing craft, and bulletproof plates for small tactical vehicles to major domestic defense companies.
* This article has been translated by AI.
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