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Friday, February 03, 2012

Secret weapons account for 30% of LIG Nex1 sales

HyunmooLIG Nex1, one of the country’s top three defense contractors, researches and develops, and produces a “classified arsenal” worth 300 billion won ($268 million) annually, an industry source said Thursday.

“Secret weapons account for 30 percent of the company’s gross sales, which can be translated to about 300 billion won,” the source familiar with the production of classified projects said asking for anonymity.

Sales by LIG Nex1 were the second highest in the country in 2009 at 938.1 billion won, making it one of the world’s top 100 arms manufacturers, according to figures from the Korea Defense Industry Association (KDIA).

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