NEUILLY-SUR-SEINE (dpa-AFX) - French technology group Thales S.A. (THLEF.PK, TCFP.PA) announced on Friday that it has signed a memorandum of understanding with South Korean defence firm Hanwha Aerospace Co., Ltd. (012450.KS), aiming to cooperate on land-based long-range precision strike systems.
Under the deal, Hanwha's Chunmoo guided missiles will be integrated with Thales' X-Fire launcher platforms. Thales did not disclose financial terms of the deal.
As per the MoU signed on June 17 at the Eurosatory defence exhibition in Paris, Hanwha will adapt three weapons from its Chunmoo family to be compatible with the X-Fire launcher platforms. These include the CGR080 guided rocket with a range of up to 80 km, the CTM-MR medium-range missile in the 160 km class, and the CTM290 tactical ballistic missile with a range of up to 290 km.
The X-Fire ground-based launcher, developed by Thales and Soframe, conducted its first demonstration firings on May 20, and is designed to fire long-range munitions.
On the Paris Stock Exchange, shares of Thales were gaining 0.09 percent, changing hands at 232.80 euros.
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