Hanwha Group to invest $299 mil. into US defense subsidiaries

Hanwha Group is set to pour $299 million into its U.S. defense subsidiaries, aiming to strengthen its foothold in the country's defense procurement market. This significant investment comes as the conglomerate plans to acquire shares in Hanwha Defense USA and Hanwha Futureproof through rights offerings. The move is expected to bolster the group's presence in the U.S., particularly in land defense and strategic assets.

Hanwha Aerospace, a wholly owned subsidiary of Hanwha Group, will contribute $149 million towards Hanwha Defense USA, which oversees the company's land defense business in the U.S. This latest investment represents a 30% increase over Hanwha Aerospace's previous cumulative investment of $159.7 billion won in the subsidiary. Hanwha Aerospace will also invest $75 million in Hanwha Futureproof, a unit focused on acquiring strategic assets in the U.S.

The investment will be shared among other Hanwha companies as well. Hanwha Ocean and Hanwha Systems will each contribute 18.75% of the $150 million rights offering by Hanwha Futureproof, while Hanwha Solutions will cover the remaining 12.5%. These investments align with Hanwha's strategy to expand its presence in the U.S. defense sector.