[비즈한국] Poongsan103140 has once again officially confirmed that it is pursuing the sale of its ammunition business division. In a re-disclosure regarding reports on the potential sale of its ammunition business on April 3, Poongsan stated, "We are reviewing various measures, including business restructuring to enhance corporate and shareholder value, but nothing has been specifically confirmed at this time." Poongsan plans to make another announcement once specific details are finalized or by July 2.
Hanwha Aerospace also did not deny the possibility of acquiring Poongsan's ammunition division in a disclosure regarding related reports on April 6. Hanwha Aerospace stated, "We are continuously reviewing various business opportunities, including Poongsan's ammunition division, to strengthen our defense competitiveness and enhance corporate value, but nothing specific has been finalized to date." Hanwha Aerospace's next disclosure is scheduled for May 4.
The industry believes that Hanwha Aerospace has participated in the private bidding for the sale of Poongsan's ammunition division and has submitted a final bid proposal. The market estimates the transaction value to be around 1.5 trillion won, including a management premium. However, this amount is a market estimate and not a figure confirmed by the company.
Poongsan's defense division accounts for a significant portion of the company's performance. According to Poongsan's 2025 business report, the total separate revenue was 3.8491 trillion won, with the defense division accounting for 1.1868 trillion won, or 31%. Revenue from the copper alloy division was 2.6623 trillion won. This is why the sale of the ammunition business cannot be viewed as a simple disposal of non-core assets.
If Hanwha Aerospace proceeds with the acquisition of Poongsan's ammunition division, synergy with its existing artillery systems business is expected. Hanwha Aerospace currently receives 155mm shells from Poongsan to utilize in its K9 self-propelled howitzer exports. Industry experts believe that if the deal is finalized, Hanwha Aerospace could strengthen its supply structure by offering both self-propelled howitzers and ammunition together.
As of now, both companies' disclosures remain at the 'undecided' stage. However, as Poongsan has reaffirmed its review of business restructuring and Hanwha Aerospace has officially acknowledged considering business opportunities including Poongsan's ammunition division, this issue is expanding beyond simple sale rumors to a potential reshaping of the defense industry.