Hanwha Aerospace and Canadian Defense Vehicle Joint Venture

planned

Hanwha Aerospace signed a memorandum of understanding with Canada's Automotive Parts Manufacturers’ Association and Hanwha Ocean to cooperate on the production of military and special-purpose vehicles in Ontario. The joint venture is contingent on the outcome of Canada's planned purchase of up to 12 new diesel-powered submarines. If Hanwha Ocean's submarine is selected, the joint venture will establish development and production systems for ground weapons platforms using locally sourced materials and Canadian workers. The venture aims to create jobs and contribute significantly to Canada's GDP.