South Korea-based Daewoo International, in which South Korean steelmaker POSCO holds a controlling stake, will supply 6x6 light-armored vehicles worth $700 million to the Indonesian Army.
According to the company's contract with the Indonesian Defense Ministry, Daewoo International announced that vehicle production will commence this month at Doosan DST.
A POSCO release said that the deal will be the first for a South Korean company to export light-armored vehicles overseas, and is expected to open other opportunities to export to other Asian countries as well as to Latin America.
"We are planning to deliver 22 armored vehicles equipped with 90 mm turrets, 11 CKD [completely knocked down] armored vehicles and SKD [semi-knocked down] armored vehicles to the Indonesian Army by the end of 2013. For SKDs, armored vehicles and 90 mm turrets will be manufactured and assembled at Doosan DST," said an employee at Daewoo International, according to the release.
Daewoo International previously signed an $800 million contract with the Indonesian Navy to supply Type-209 submarines as well as a deal with the Indonesian Air Force to supply basic training aircraft $400 million.