South Korea's Hanwha loses major Canadian submarine deal
South Korean defence firm Hanwha has lost a bid to build Canada's new submarine fleet. The contract was seen as a major deal in the sector. The company's shares came under pressure after the decision.
According to Nikkei Asia, South Korean defence firm Hanwha has lost a bid to build Canada's new submarine fleet. The contract stood out as a major deal in the sector.
The company's shares came under selling pressure after the news. The submarine programme was seen as an important part of Canada's long-term naval modernisation.
The loss is a notable development for Hanwha's ambitions to expand in the international defence market. The company's future bidding strategy and the financial impact of the decision will be watched closely. Which supplier Canada proceeds with may become clearer in the period ahead.
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