New Agreement Takes Relationship to Global and Strategic Levels
On 22 June, Safran and Hanwha Group signed a Strategic Cooperation Memorandum of Understanding (MoU) that takes the existing relationship between the companies to a new level.
The companies began their collaborative relationship in 2001 with a contract for inertial navigation systems for the Korean Navy. In 2016 Safran was contracted to develop and supply the engine for the Korean Army’s new Light Armed Helicopter (LAH), with Hanwha as industrial partner.
The new agreement is intended to expand the scope of collaboration to include the business interests of all their respective subsidiaries, to establish long term cooperation in aeronautics, defence and propulsion and to identify and pursue opportunities in global as well as local markets.
Safran had 2016 revenues of €15.8 billion and has some 58,000 employees worldwide. Hanwha Group generated sales of $56 billion in 2016 and has affiliates and subsidiaries in 21 countries, active in a range of defence and aerospace sectors from C4ISR systems to precision guided munitions and from armoured vehicles to naval combat systems.