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Wednesday, December 01, 2010

Daewoo Expands in Indonesia

Changbogo-class (Type 209)Daewoo International signed a contract with the Indonesian Defense Ministry to supply $700 million worth of 6x6 light-armored vehicles to the Indonesian Army. The production will commence at Doosan DST.

The contract is likely to increase opportunities for POSCO (PKX - Analyst Report) to export light-armored vehicles in the international arena, especially in the Asian and Latin American countries.

In a separate contract, Daewoo International also agreed to supply $800 million worth of Type-209 submarines to the Indonesian Navy and $400 million worth of basic training aircraft to the Indonesian Air Force.

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