LIG Nex1, UK’s Babcock sign MOU to develop global MRO market

Agreement marks move to strengthen defense sector with joint MRO, training and technology sharing

LIG Nex1, UK’s Babcock sign MOU to develop global MRO market
Hyung-Kyu Kim 1
2024-11-06 10:56:29 khk@hankyung.com
Aerospace & Defense

LIG Nex1 Co., a leading defense systems developer in South Korea, announced on Wednesday that it had signed a comprehensive memorandum of understanding (MOU) with UK defense contractor Babcock International Group PLC.

The partnership aims to enhance collaboration on maintenance, repair, and overhaul (MRO) development and global market expansion.

The MOU, signed on Tuesday at the Euronaval 2024 event in Paris, brought together senior representatives from both companies, including ParkTae-Sik, LIG Nex1’s PGM Division Head and Mark Goldsack, Managing Director of Business Growth and AUKUS at Babcock.

The agreement focuses on jointly entering the global MRO market and establishing an integrated supply chain. It also includes provisions for collaboration on training center operations, as well as the development and production of new weapons.

Park emphasized the importance of sustainable MRO capabilities for South Korea's defense competitiveness, expressing optimism about expanding LIG Nex1’s international footprint.

Write to Hyung-Kyu Kim at khk@hankyung.com
#LIG Nex1 #Nabcock International Group #MRO #korea lig nex1 #lig babcock #korea babcock

S.Korea’s LIG Nex1, Iraq set for $2.6 billion deal on M-SAM missile system

S.Korea’s LIG Nex1, Iraq set for $2.6 billion deal on M-SAM missile system

LIG Nex1's mid-range surface-to-air missile Cheongung II Iraq has decided to import South Korean-made mid-range surface-to-air missile (M-SAM) system II, known as Cheongung II, in a deal estimated at $2.6 billion, according to industry sources and military media outlets.Middle Eastern defense a

LIG Nex1, Palantir join forces on AI weaponry

LIG Nex1, Palantir join forces on AI weaponry

LIG Nex1 Co., a leading South Korean defense contractor, is teaming up with US artificial intelligence (AI) specialist Palantir Technologies to develop advanced weapon systems leveraging big data.  The two companies signed a memorandum of understanding (MOU) on Thursday to leverage Palan

LIG Nex1’s guided rocket passes US performance test

LIG Nex1’s guided rocket passes US performance test

The 2.75-inch guided rocket, known in Korea as Bigung, blasts off from a launch vehicle (Courtesy of the Defense Acquisition Program Administration) LIG Nex1 Co., a South Korean defense company, said on Monday that its Poniard guided rocket passed the final performance test in US Foreign Compar

KB Securities downgrades LIG Nex1's investment opinion

KB Securities downgrades LIG Nex1's investment opinion

KB Securities Co. on Tuesday raised the target price for LIG Nex1 Co. from 195,000 won ($140.4) to 200,000 won amidst a recent significant rise in its stock price. However, it downgraded the investment opinion for LIG Nex1 from Buy to Hold due to the increased valuation burden."LIG Nex1's st
(* comment hide *}