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Hanwha Aerospace Secures $2.4 Billion Deal to Supply 129 Redback Infantry Fighting Vehicles to Australia

South Korea
h 012450.KO Mid and Small Cap 2000
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Hanwha Aerospace of South Korea has officially inked a significant deal with Australia, solidifying a 3.16 trillion won ($2.4 billion) contract to supply 129 Redback infantry fighting vehicles by 2028. This follows Australia’s selection of Hanwha as the preferred bidder in July for the project, valued at up to 7 billion Australian dollars ($4.62 billion) and recognized as the country’s single-largest investment in army capability to date.

Deputy Prime Minister Richard Marles emphasized the substantial impact of these vehicles on the enhancement of Australia’s army capabilities during a news conference in Geelong, the designated manufacturing location for the Redback vehicles.

Australia’s defense ministry highlighted that the project is anticipated to generate approximately 2,100 jobs, with 1,800 of them being direct employment opportunities. The manufacturing of the new vehicles will take place at Hanwha’s facilities in Geelong, situated in the Australian state of Victoria. Initial deliveries of the Redback infantry fighting vehicles are expected in 2027, showcasing a timeline that aligns with Australia’s strategic defense objectives. This landmark deal cements Hanwha Aerospace’s position as a key contributor to Australia’s defense capabilities and underscores the international collaboration shaping the future landscape of military technology.

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