STX Engine wins 84 bil. won diesel engine supply deal for Australian infantry vehicle
Lee Sang-soo, left, CEO of STX Engine, and his counterpart from Penske Australia pose after signing a supply contract on March 6 in this photo provided by STX Engine. Yonhap
STX Engine said Friday it has won a 84 billion-won ($58.1 million) contract from Penske in Australia to provide diesel engines for the country's Redback infantry fighting vehicle (IFV).
Under the contract, STX Engine will supply diesel engines to Penske in phases until 2027 and will also establish local production capabilities through transfer of technology.
Operating in Australia and New Zealand, Penske provides mobility solutions across defense, transportation, energy and construction sectors, with particular expertise in military vehicle and engine maintenance, repair and overhaul (MRO).
STX Engine said the deal has proven the company's technical expertise in the field of engines. The company previously secured K9 self-propelled howitzer engine supply deals from India, Poland, Norway and Turkey.
"We will further expand our presence in the global defense market through continuous research and development, and tailored engine solutions," STX Engine Chief Executive Officer (CEO) Lee Sang-soo said. (Yonhap)