LIG Nex1 to develop anti-ship missile interceptor by 2015

South Korean defense company LIG Nex1 broke ground Monday for a factory to build an anti-ship missile with indigenous technology with the goal of completing it by 2015, the company said.

LIG Nex1 will work with the Agency for Defense Development to build the surface-to-air, anti-missile guided by an inertial navigation system, which will be deployed in the South Korean Navy's destroyers, the company said.

The missile, named Haegung (sea bow), is designed to launch from a vertical platform on a destroyer.

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