Huneed Technologies (Chairman Eugene Kim/ KOSPI 005870, www.huneed.com) announced that the company has been selected as Excellent Defense Company in the field of defense export and received the ROK Defense Minister Award during the “2015 Defense Policy Symposium” that sponsored by the Defense Acquisition Program Administration (DAPA) and Korea Defense Industry Association.
Huneed, with 47 years of history as a defense company and the main supplier of TICN (Tactical Information and Communication Systems) to the armed forces of ROK, has entered into the aerospace industry in the year 2006 with the capital investment from The Boeing Company, one of the world’s top aerospace companies. As a result, the US Air Force and Navy pilots are currently flying F-15 and F/A-18 fighter jets to conduct combat missions that are equipped with electrical panels that Huneed produced. In addition, Huneed exported to Singapore and Saudi Air Forces to pave the way to enter the global avionics industry.
The total export of Republic of Korea in 2014, US$5,727 Billion, vs. the total defense export, US$36.1 Billion, is still insignificant as 0.6%. This figure of defense export excluding other large weapon systems such as T-50 and Submarines is even more limited. Under such circumstances the performance of Huneed export has been especially remarkable.
Eugene Kim, Chairman of Huneed, mentioned that “Excellent Defense Company Award is the result of efforts made over the past decade to enter the overseas aerospace market through forming a strategic partnership with Boeing. This was possible through active support provided by government organizations and agencies such as DAPA, DTaQ (Defense Agency for Technology and Quality), and Korea Defense Industry Association, especially for expanding and encouraging the defense SMEs’ offset participation.”
“Huneed also agreed to make joint efforts to develop further business cooperation in state-of-the-art aviation business as well as the global market expansion through strong partnership and cooperation with Airbus and other leading European avionics companies and is currently operating dedicated production lines. By 2020, Huneed is setting its goal to position itself as a global supplier with the highest quality and price competitiveness in both commercial as well as military aircraft markets and by further expanding the scale of its annual export sales to be more than US$100 million dollars”.