SEOUL, July 27 (AJP) - Hanwha Aerospace has signed a major deal valued at least 2.5 percent of its annual sales, according to the Financial Supervisory Service's electronic disclosure system on Monday.
The aerospace company said the deal was signed last Friday, but it did not disclose details such as the contractor, items to be supplied or contract period at the counterparty's request.
"We will make a follow-up disclosure once the reason for confidentiality is resolved," the company said.
Industry watchers say the deal is likely related to Spain's program to replace its aging M109 self-propelled howitzers. The project is estimated to be worth between 238 billion won and 660 billion won and could involve cooperation based on the K9 platform, a 155mm tracked self-propelled howitzer system developed using K9 technology.
The project is estimated to be worth between 238 billion won and 660 billion won and could involve cooperation on a 155mm tracked self-propelled howitzer system based on South Korea's homegrown K9 technology.
In March, Hanwha Aerospace signed a binding memorandum of understanding with Spanish defense company Indra Group to modernize the country's howitzers.
If the latest deal is confirmed to be linked to the K9, Hanwha Aerospace could expand its operations all across Europe.
The aerospace company said the deal was signed last Friday, but it did not disclose details such as the contractor, items to be supplied or contract period at the counterparty's request.
"We will make a follow-up disclosure once the reason for confidentiality is resolved," the company said.
Industry watchers say the deal is likely related to Spain's program to replace its aging M109 self-propelled howitzers. The project is estimated to be worth between 238 billion won and 660 billion won and could involve cooperation based on the K9 platform, a 155mm tracked self-propelled howitzer system developed using K9 technology.
The project is estimated to be worth between 238 billion won and 660 billion won and could involve cooperation on a 155mm tracked self-propelled howitzer system based on South Korea's homegrown K9 technology.
In March, Hanwha Aerospace signed a binding memorandum of understanding with Spanish defense company Indra Group to modernize the country's howitzers.
If the latest deal is confirmed to be linked to the K9, Hanwha Aerospace could expand its operations all across Europe.
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