South Korean defense contractor LIG Nex1 is expanding its global footprint through a new partnership with Britain’s Babcock International Group, targeting the military equipment maintenance market.
The companies signed a memorandum of understanding at the EuroNaval 2024 exhibition in Paris to collaborate on maintenance, repair, and overhaul services. The agreement also covers training centers and joint development of new weapon systems.
The move comes as South Korea’s defense sector, known as K-Defense, seeks to boost its international presence. LIG Nex1, which specializes in precision-guided missiles and surveillance systems, is looking to tap into Babcock’s established network of maintenance facilities and expertise in supporting military platforms.
Park Tae-sik, head of LIG Nex1’s PGM business division, said the partnership would help secure sustainable maintenance capabilities crucial for the company’s global competitiveness.
The collaboration marks another step in South Korea’s growing defense exports, which have surged in recent years through deals with Poland, the UAE, and other nations. The global maintenance market represents a key revenue stream for defense contractors, offering steady income beyond initial equipment sales.
Neither company disclosed financial terms of the agreement.
