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(LEAD) Hanwha Systems acquires British antenna company

All News 10:24 June 08, 2020

(ATTN: CHANGES photo; ADDS details in last 2 paras)

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.

This image provided by Hanwha Systems shows how Phasor Solutions' electronically steerable antenna works on a plane. (PHOTO NOT FOR SALE)(Yonhap)

"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 US$30.32 billion by 2022, the company said, citing data from Markets & Markets Research Private Ltd.

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.

The British venture firm has been the leading developer of broadband electronically steerable antennas (ESAs), which enable high speed communication in-flight, at sea or land, the statement said.

Hanwha Systems has been looking for possible investment opportunities to advance into the satellite communication antenna markets since last year.

kyongae.choi@yna.co.kr
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