Hanwha Aerospace, the defense subsidiary of Hanwha Group, announced on Thursday that it will suspend operations at all its production facilities and conduct special safety inspections following a fatal explosion at its Daejeon plant.
The company stated that all nine of its production sites in South Korea will be completely shut down for two days starting Thursday. This marks the first full-scale production halt since the company's establishment.
An explosion occurred at the plant, located approximately 140 kilometers south of Seoul, on Monday, resulting in five fatalities and two injuries. South Korean police have formed a joint investigation team to determine the exact cause of the accident.
Hanwha Aerospace indicated that ensuring a safe production environment is a higher priority than the temporary production loss caused by the shutdown.
The Daejeon factory is a core military facility designated as a national defense secret plant. It is responsible for producing various weapon systems, including the Cheonmu multiple rocket launcher and long-range surface-to-air missiles (L-SAM).
According to the company's disclosure, the affected production line generated revenue of 1.32 trillion won (approximately $870 million) last year, accounting for 4.94% of Hanwha Aerospace's total annual revenue of 26.7 trillion won.
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