06 Juli 2012

EOS and Hyundai Join Forces for Remote Weapon Systems

06 Juli 2012

In May 2010 EOS and Northrop Grumman Corporation agreed to jointly develop RWS. Now, with the agreement with Hyundai-WIA, EOS has completed agreements with partners in both the USA and Northern Asia to produce, support and enhance its RWS  products (photo : EOS) 

Electro Optic Systems Holdings Limited (ASX: EOS)  has executed  agreements with Hyundai-WIA, a Korean corporation, relating to the  joint  development, marketing, production and support of remote weapon systems.

Under the agreements, Hyundai-WIA will produce remote weapon systems [RWS] in Korea.  Initially these will be drawn from the current EOS product range, but the parties expect new and upgraded RWS products to issue from joint development programs in the near term, to address emerging global market requirements.  The collaboration will draw heavily on the deep technology and production capabilities of both companies.

The EOS Defence Systems sector is concentrated on the development, marketing, production and support of remote weapon systems [RWS] for global markets.

Hyundai-WIA is a subsidiary of Hyundai Motor Group [HMG], a major Korean corporation with diverse technology, manufacturing and service businesses and with global revenues of US$99 billion [2010].  Hyundai-WIA is  a HMG subsidiary focussed on defence products and with global revenues of US$6 billion.  It is based in Changwon, Korea and employs around 6,000 staff.  It is a leading innovator in defence products and manufacturing technology.

The arrangements with Hyundai are similar to those announced 19 May 2010 when EOS and Northrop Grumman Corporation agreed to jointly develop, produce and support RWS for the USA and certain export markets.  Those arrangements included EOS and Northrop Grumman teaming to compete for the US Army CROWS program requirement for RWS.

In December 2011 EOS announced amended collaboration arrangements with the relocation of EOS’ own RWS capabilities in the USA from Tucson, Arizona to Huntsville, Alabama.  This places them alongside those of Northrop Grumman to allow EOS and Northrop Grumman to address even more efficiently RWS opportunities in general, and CROWS  requirements in particular.  The CROWS program award  by the US Army is expected by October 2012.

EOS now has completed agreements with partners in both the USA and Northern Asia to  produce, support and enhance its RWS  products.   These  partners have  significant investments in scalable production capacity and the incremental cost of adding  RWS capacity is relatively small.  Importantly, these plants have the necessary infrastructure for production of  modern  military equipment, including next-generation systems for quality management, record-keeping, government accounting and supply chain management.

As pressure on Australian manufacturing industry increased over the past two years due to currency appreciation and labour market constraints,  EOS has migrated to a production approach where its Australian plant in Queanbeyan has retained only around 65% of its historical scope of work.  EOS expects improved competitiveness and market access will support sales  growth  and  offset the  effect of  transfer of  some  production activities offshore.

(EOS)

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