Hanwha Defense CEO Lee Sung-soo, right, poses with Korea Association of Defense Industry Studies President Chae Woo-seok after getting an award of the “businessman of the year” in the defense industry at the War Memorial of Korea in central Seoul on Sept. 25. Photo courtesy of Hanwha Defense

CEO Lee Sung-soo picked as defense businessman of the year

Hanwha Defense CEO Lee Sung-soo was designated as the “businessman of the year” in the country’s defense industry, the Korea Association of Defense Industry Studies (KADIS) announced on Sept. 25.

The Seoul-based institute said that it had made the decision in recognition of the back-to-back exploits of Hanwha Defense in the global markets.

In particular, the KADIS praised the technical edge of Hanwha Defense, the country’s top-tier defense company. It is an affiliate of Hanwha Aerospace.

Hanwha Defense vehemently tapped into the offshore markets by exporting various defense solutions, including artillery systems, armored vehicles, air defense systems, and unmanned ground systems.

This month, the Australian government chose Hanwha Defense to supply 30 self-propelled howitzers and 15 armored ammunition resupply vehicles in a contract valued about $950 million.

The company also shipped its self-propelled howitzers to six other countries in Europe and Asia.

In addition, it is one of two finalists that compete to win Australia’s $4.6 billion Land 400 Phase 3 project of procuring some 450 tracked armored vehicles.

Hanwha sent two prototypes of its “Redback” infantry fighting vehicle to Australia in August for 10-month performance assessments. Its rival is Germany’s Rheinmetall.

Earlier in July, the Korea Productivity Center said that Hanwha Defense got level 8 in its Productivity Management System certification program for the first time ever.

The program measures the management capacity and productivity of about 2,000 large corporations in the country.

I think that I could receive this award thanks to our employees and proactive supports of the government,” CEO Lee said.

We will keep making efforts to contribute to the national defense through the development of state-of-the-art weapon systems. Plus, we will try to expand exports of our products and create more jobs.”