Hanwha Aerospace(012450) said on the 27th it signed a product supply contract worth more than 660 billion won.
According to the Financial Supervisory Service's electronic disclosure system, the size of the master product supply contract signed by Hanwha Aerospace is 2.5% of revenue in the most recent fiscal year.
On a consolidation basis, Hanwha Aerospace's revenue last year was 26.7209 trillion won. Based on this, the size of the master contract exceeds 660 billion won.
The master contract is entirely undisclosed at the request of the counterparty nation.
In the industry, there is speculation that it is related to Spain's self-propelled howitzer modernization project. Hanwha Aerospace signed a binding memorandum of understanding (MOU) in Mar. with Spanish defense corporations Indra Group for self-propelled howitzer modernization.
Under the MOU, Hanwha Aerospace provides K9 self-propelled howitzer platform technology, while Indra manufactures the hull and control and communications systems at its plant in Gijón in northern Spain.