Hanwha Bids 1.1 Billion Dollars for Poongsan Ammunition
Hanwha Aerospace submitted a 1.5 trillion won bid for Poongsan's ammunition unit. The sale may be linked to laws limiting foreign management at defense firms.
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HANWHA AEROSPACE CO LTD, the largest defense contractor in South Korea, has reportedly submitted a bid to acquire the ammunition business of POONGSAN CORP in a deal valued at approximately 1.5 trillion won ($1.1 billion). According to reports from the Korea Economic Daily, Hanwha Aerospace participated in a private tender process to secure a controlling stake in the ammunition manufacturer. The estimated price tag includes a management premium for the business, which serves as a critical pillar of the nation's military supply chain.
