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South Korea's Hanwha Aerospace signs $922 million deal with Norway to supply rocket launchers
Published by Global Banking and Finance Review
Posted on February 2, 2026
2 min readLast updated: February 2, 2026
Home > Finance > South Korea's Hanwha Aerospace signs $922 million deal with Norway to supply rocket launchers
Quick Summary
Hanwha Aerospace secures a $922M contract with Norway for rocket systems, enhancing European defense capabilities and planning future production in Poland.
Hanwha Aerospace Secures $922 Million Contract with Norway for Rocket Systems
Overview of the Hanwha Aerospace and Norway Deal
SEOUL, Feb 2 (Reuters) - South Korean defence firm Hanwha Aerospace said on Monday that it had won a $922 million contract to supply long-range artillery systems and rockets to Norway.
Details of the Contract
Norway's defence ministry said last week the country will acquire 16 Chunmoo launch systems and an undisclosed number of rockets for a total cost of 19 billion Norwegian crowns ($2 billion).
Market Implications for European Defense
Hanwha said that while Norway's budget for the entire project is $2 billion, Hanwha is providing the Chunmoo launch systems and rockets for about $922 million, with the remainder expected to go into setting up local operations for the system, such as maintenance facilities and training.
Future Production Plans
Seoul-based analysts said that despite recent political pressure for European countries to buy European arms, Hanwha Aerospace can deliver both the launchers and the rockets in a much shorter time frame than competitors and with greater flexibility to meet operational needs, including for Norway's arctic conditions.
"Chunmoo's European exports will increase. It is estimated that it will take more than 20 years for Europe to develop a new multiple launch rocket system," said Jang Nam-hyun, an analyst at Korea Investment & Securities.
"Hanwha Aerospace will build a production facility in Poland for guided rockets and begin delivery in 2030. The stable supply of guided rockets within Europe, in addition to (Hanwha's) already-proven strength of fast delivery, will serve as a comparative advantage."
Countries that have bought the Chunmoo rocket artillery system include Poland, Estonia and Middle Eastern countries.
Norway already operates K9 self-propelled howitzers made by Hanwha.
(Reporting by Joyce LeeEditing by Ed Davies)
Key Takeaways
- •Hanwha Aerospace wins $922 million contract with Norway.
- •Norway to acquire 16 Chunmoo launch systems.
- •Deal part of a $2 billion defense budget.
- •Hanwha plans production facility in Poland by 2030.
- •Chunmoo exports expected to rise in Europe.
Frequently Asked Questions about South Korea's Hanwha Aerospace signs $922 million deal with Norway to supply rocket launchers
1What is Hanwha Aerospace?
Hanwha Aerospace is a South Korean defense company that specializes in aerospace and defense technologies, including the production of artillery systems and rockets.
2What are Chunmoo launch systems?
Chunmoo launch systems are advanced multiple launch rocket systems developed by Hanwha Aerospace, designed for long-range artillery capabilities.
3What is the significance of local operations in defense contracts?
Local operations in defense contracts often include maintenance, training, and support services, which enhance operational readiness and create jobs in the purchasing country.