[THE INVESTOR] Hanwha Defense Systems aims to increase its turnover more than four times to 2.3 trillion won (US$2.01 billion) in 10 years, the company announced on July 20.

At a ceremony held in Changwon, South Gyeongsang Province, the firm stated a new vision of becoming a global defense industry leader that provides dependable total defense solution. 























This is the first initiative made public since the former Doosan Defense Systems & Technology was taken over by Hanwha Group in June.

“Hanwha Defense System, as a major affiliate in the defense industry, will play an important role in the group’s growth as a global leader,” said its CEO Shin Hyun-woo.

Along with Hanwha Techwin and Hyundai Rotem, Hanwha Defense is the nation’s largest ground weapons manufacturer and its revenue last year amounted to 693.2 billion won with an operating profit of 40.9 billion won.

To achieve the initial 1.2 trillion won sales target by 2020, the three defense affiliates will further cooperate while developing new technologies such as high precision navigation system and laser.

By Hwang You-mee (glamazon@heraldcorp.com)