Hanwha Aerospace Co., South Korea's leading defense systems manufacturer, said Thursday it has halted its review of acquiring the ammunition business of Poongsan Corp.
In a regulatory filing, Hanwha Aerospace said it has been continuously exploring various business opportunities, including Poongsan's ammunition division, to strengthen its defense capabilities and enhance corporate value, but has decided to stop its review of acquiring Poongsan's business.
The disclosure came after a local media last week suggested Hanwha was likely to acquire Poongsan's ammunition business as part of efforts to integrate its weapons and munitions operations. Poongsan is South Korea's leading producer of copper alloy and ammunition. (Yonhap)
