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Hanwha Systems invests in U.S. unmanned aircraft firm

All News 17:20 December 06, 2019

SEOUL, Dec. 6 (Yonhap) -- Hanwha Systems Co., the defense industry unit of Hanwha Group, said Friday it will invest in U.S. unmanned aircraft firm OverAir Ltd. to partner in the personal air vehicle (PAV) business.

Hanwha Systems will purchase a 30 percent stake in OverAir for 29.8 billion won (US$25 million) on Jan. 3, the company said in a regulatory filing.

The two companies will jointly develop PAVs and advance into new mobility markets, the filing said.

The Committee on Foreign Investment in the United States (CFIUS) recently approved the deal. CFIUS is an interagency committee of the U.S. government that reviews the national security implications of foreign investments in U.S. companies.

Hanwha Systems invests in U.S. unmanned aircraft firm - 1


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