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December 13, 2021

Australia signs new self-propelled howitzer deal with Hanwha Defense

The deal will see Hanwha provide 30 self-propelled howitzer artillery weapons and 15 ammunition resupply vehicles.

The Australian Government has signed a $717m (A$1bn) defence deal with Hanwha Defense Australia.

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The deal was signed during a visit by the Republic of Korea’s President Moon Jae-in to meet Australian Prime Minister Scott Morrison in Canberra.

Under the terms of the deal, Hanwha Defense Australia will build 30 self-propelled howitzers and 15 armoured ammunition resupply vehicles for Australia.

The contract also includes the delivery of weapon-locating radars which will help to find enemy artillery.

The howitzers and ammunition will be provided as part of the A$1.3bn LAND 8116 Phase One project, which commenced in May 2019.

In June this year, Hanwha Defense engaged in negotiations with UK partners as it prepared to participate in the British mobile fires platform (MFP) programme.

Prime Minister Morrison said: “Our comprehensive strategic partnership with the Republic of Korea is underpinned by our joint commitment to defence and security cooperation.

“The contract with Hanwha demonstrates the value of industrial collaboration in supporting our countries in addressing mutual security challenges.

“We are partnering with Hanwha to create an armoured vehicle centre of excellence in the Geelong region, which will establish a further strategic defence industry hub and future export opportunities for Australian businesses.”

The latest contract is expected to create over 300 jobs divided across facility construction, as well as acquisition and maintenance.

These jobs also include creating ongoing support opportunities for the Australian industry into the late 2040s.

Morrison added: “My government is securing Geelong’s place as front and centre of Australia’s defence industry.

“Australians know they can trust my government to make the necessary decisions to secure Australia’s interests in an increasingly uncertain world, unlike Labor who delayed this project in government and then cancelled it when they took defence spending to its lowest level since before the Second World War.”

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Free Report
img

2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
  • Track the Aggregate Investment Volumes in PE/VC-Stage firms across geographies and sectors, in addition to viewing the specific deals that drove these volumes
  • Identify the top investors already active in any sector-Geography combinations
  • Assess the Performance of Financial and Legal Advisors, supporting the Dealmaking in any segment of choice (Customizable League tables)
  • Understand what is driving the PE/VC fundraising (Deal Rationale)
  Consult our full report here and optimize your business strategy.
by GlobalData
Enter your details here to receive your free Report.

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