Genoco, a specialized company in aerospace and defense, is accelerating its entry into the global defense market through the Korean Mine Countermeasure Helicopter (KMCH) support project.
On the 12th, Genoco announced that it signed a Memorandum of Understanding (MOU) with global defense leader Northrop Grumman for the Korean mine countermeasure helicopter project.
This agreement is an extension of last year’s contract between Northrop Grumman and Korea Aerospace Industries (KAI) for the Republic of Korea mine countermeasure helicopter project. It includes Northrop Grumman providing its Advanced Laser Mine Detection System (ALMDS) solution and engineering, manufacturing, and development (EMD) technology support to KAI. The mine countermeasure helicopter is a key asset for detecting and removing coastal mines, playing a critical role in the safety of the Korean Peninsula’s waters.
Accordingly, Genoco will be responsible for manufacturing parts as a hardware supplier of Northrop Grumman’s laser mine detection equipment and plans to continuously support industrial cooperation between Northrop Grumman and the Defense Acquisition Program Administration of the Republic of Korea. This equipment, already supplied to the U.S. Navy and others, boasts excellent performance in detecting and identifying floating and nearshore mines and can operate over wide areas both day and night.
Northrop Grumman is one of the three major aerospace and defense companies in the United States, alongside Lockheed Martin and Boeing. It is a key supplier of radar systems for the U.S. Air Force’s core fighters, the F-22 and F-35, and is also well known as the developer of the James Webb Space Telescope. Its annual revenue reaches 53 trillion KRW.
Genoco was the first in Korea to successfully localize avionics equipment, proving its technological competitiveness in the aerospace sector.
Last year, Genoco signed an exclusive MOU to establish a domestic MRO (Maintenance, Repair, and Overhaul) center with the U.S. satellite communications company Viasat, and this year secured an MRO project for the Tactical Information Communication Network (TICN) with Hanwha Systems, maintaining continuous momentum.
A Genoco representative stated, “This agreement is an important case where Genoco’s technological excellence in the aerospace and defense markets has been internationally recognized. We will continue to advance toward the global market through ongoing technology development.”
Meanwhile, Genoco decided to issue convertible bonds (CB) worth 20 billion KRW this month to raise new investment funds. A company representative explained that the secured funds will be invested in expanding businesses in the defense, satellite, and aerospace sectors to further strengthen its position.
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