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Photo courtesy of Yonhap News |
[Alpha Biz= Kim Jisun] Hanwha Aerospace has secured Norway’s next-generation Long-Range Precision Fires System (LRPFS) program, valued at 19 billion Norwegian kroner (approximately $2.8 billion), marking a major breakthrough in the European defense market.
The Norwegian Ministry of Defence announced on January 29 (local time) that Hanwha Aerospace was selected as the final contractor, just two days after Norway’s parliament approved the procurement project.
Following contract signing, Hanwha is expected to supply around 1 trillion won worth of its Chunmoo multiple rocket launcher systems, while securing the remaining weapon components in cooperation with Norwegian partners. The decision came despite earlier expectations that systems from Lockheed Martin or KNDS would be favored due to NATO interoperability considerations.
Industry sources attribute the shift in momentum partly to high-level diplomatic engagement, including an October visit to Norway by South Korea’s presidential chief of staff Kang Hoon-sik, who delivered a personal letter from President Lee Jae-myung underscoring Seoul’s commitment to strategic economic cooperation.
Meanwhile, competition is intensifying in Canada’s Canadian Patrol Submarine Project (CPSP), a next-generation submarine procurement program valued at up to 60 trillion won. Hanwha Ocean, a leading contender, has pledged C$345 million to build a steel facility with Canada’s largest steelmaker Algoma Steel, securing materials for submarine construction and maintenance.
Analysts view the Norway contract and Canada initiative as signals of South Korea’s expanding footprint in global defense and strategic manufacturing partnerships.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
