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

Hanwha Group will make investments worth $299 million (415 billion won) into its U.S. subsidiaries, as the group seeks to expand its presence in the country’s defense procurement market. According to industry officials Sunday, Hanwha Group recently decided to make investments into Hanwha Defense USA and Hanwha Futureproof, by subscribing to shares to be issued through rights offerings by the two companies. Among them, Hanwha Aerospace will invest $149 million in Hanwha Defense USA, the former’s wholly owned subsidiary which oversees the group’s land defense business in the U.S. The latest investment alone is about 30 percent larger than Hanwha Aerospace’s cumulative 159.7 billion won of investment into the subsidiary so far. Hanwha companies will also subscribe to a $150 million rights offering by Hanwha Futureproof, a unit focused on investing in strategic assets in the U.S. Hanwha Aerospace will contribute half of the amount, while Hanwha Ocean and Hanwha Systems will each cover 18.75 percent and Hanwha Solutions the remaining 12.5 percent. The investments are in line with Hanwh