Deal with APMA and Hanwha Ocean targets military and special-purpose vehicles
Hanwha Aerospace signed a Memorandum of Understanding (MOU) to establish a joint venture with the Canadian Automotive Parts Manufacturers’ Association (APMA) in Toronto, Canada, on April 29 (local time). (From left) Flavio Volpe, President of APMA; Son Jae-il, President and CEO of Hanwha Aerospace; and Chung Seung-kyun, Head of the Naval & Special Ship Overseas Business Division at Hanwha Ocean. (Photo courtesy of Hanwha Aerospace)
Hanwha Aerospace is joining hands with the Canadian Automotive Parts Manufacturers’ Association (APMA) to establish a joint venture for the production of military and industrial vehicles.
Hanwha Aerospace announced on April 29 (local time) that it has signed a Memorandum of Understanding (MOU) in Ontario, Canada, with APMA and Hanwha Ocean to establish a joint venture for the production of military vehicles and special-purpose industrial vehicles.
The signing ceremony, held at the Martinrea plant near Toronto, Ontario, was attended by key officials including Son Jae-il, President and CEO of Hanwha Aerospace; Chung Seung-kyun, Head of the Naval & Special Ship Overseas Business Division at Hanwha Ocean; Victor Fedeli, Ontario’s Minister of Economic Development, Job Creation and Trade; Flavio Volpe, President of APMA; and Robert Wildeboer, Chairman of Martinrea.
Hanwha has been building a cooperation network by signing MOUs with over 30 companies in Canada. Through this joint venture with APMA, the company aims to further accelerate the localization of its defense business in Canada.
Should Hanwha Ocean’s Jangbogo-class submarine be selected for the Canadian Patrol Submarine Project (CPSP), the joint venture plans to fully establish a development and production system for ground weapon systems required by the Canadian Army.
The vehicles will be produced using local parts and materials, such as Canadian steel and aluminum, and locally hired Canadian personnel will directly participate in the manufacturing process. This aligns with the ‘Build in Canada’ policy recently announced in the Canadian government’s Defence Industrial Strategy.
The joint venture will diversify its business portfolio to include the design and production of special-purpose industrial vehicles in the future. It plans to first meet the demand from Canadian government offices, the military, and for Arctic resource development, and based on this, it will also explore exports to the markets of allied nations.
President Son stated, “Through a long-term partnership with the Canadian government and industry, we will strengthen Canada’s defense capabilities and contribute to the creation of a sustainable industrial ecosystem in Canada.”
Jung Min-hee
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