By Jhoo Dong-chan
Hanwha Techwin, a weapons technology affiliate of Hanwha Group, is expected to take over Doosan Defense Systems & Technology (DST), a high-tech weaponry manufacturing unit of Doosan Group.
According to an official at the Switzerland-based multinational financial service provider Credit Suisse that is managing the takeover of Doosan DST, Wednesday, Hanwha Techwin has been chosen as a preferred negotiator to buy the company.
Hanwha Techwin’s bid was reportedly 695 billion won ($600 million).
“The takeover is part of Hanwha Techwin’s efforts to become one of the top 10 global powerhouses in the defense industry,” said CEO Shin Hyun-woo.
The nation’s leading weapons manufacturer is currently ranked 44th in the world in defense product output, but is expected to enter the top 30 through the takeover.
Having focused mainly on ammunition and precision guided weaponry, Hanwha Techwin is believed to be diversifying its defense product lineup to include anti-aircraft missiles, missile launch pads and navigation systems.