Hanwha Systems acquires British antenna company

SEOUL, June 8 (Yonhap) -- Hanwha Systems Co., the defense industry unit of Hanwha Group, said Monday it has acquired a British satellite communication antenna company in a move to secure a new growth driver.

Hanwha Systems clinched a deal last week to acquire the business and assets of Phasor Solutions Ltd., which develops satellite communication antenna technology, the company said in a statement.

"We have made a swift decision to acquire the British company as the satellite communication equipment market has big growth potential," Hanwha Systems Chief Executive Kim Youn-chul said in the statement.

The satellite communication equipment market is expected to grow to 50 trillion won (US$42 billion) in 2026, the company said, citing data from Market & Market Research.

Hanwha did not provide the contract value and other details due to a confidentiality agreement.

Phasor Solutions recently went bankrupt, as it had difficulties in attracting investments amid the new coronavirus outbreak, a company spokeswoman said over the phone.

kyongae.choi@yna.co.kr
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