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Electro Optic Systems Holdings Ltd

Electro Optic Systems teams with Hanwha for Australian armoured vehicle requirement

If the teaming is successful in achieving the contract award, the EOS work share in the program will exceed $1 billion over 8 years for equipment acquisition.

Redback infantry vehicle
The Hanwha Redback infantry vehicle featuring the EOS T-2000 turret and R-400s remote weapon station

Electro Optic Systems Holdings Ltd (ASX:EOS) has teamed with Hanwha Defence Australia in the tender process for a multi-billion dollar defence requirement for the Commonwealth of Australia.

The Hanwha tender response is based on its ‘Redback’ IFV incorporating the EOS T-2000 turret, which launched onto the global market on February 27, 2019.

Under the teaming arrangement, Hanwha is prime contractor and EOS is the principal first-tier subcontractor in a tender for the Commonwealth’s ‘Land 400 phase 3 requirement’ for infantry fighting vehicles for the Australian Army.

Net assets of $52 billion

Tenders for this requirement closed on March 1, 2019, and in quarter three 2019 the Commonwealth is expected to shortlist two vendors for comprehensive, comparative testing with a full contract award expected in 2021.

Hanwha is a wholly-owned subsidiary of the Hanwha Corporation with net assets of $52 billion and annual revenue of $87 billion.

“Most advanced armoured vehicle developers”

EOS chief executive Ben Greene said: “Hanwha is one of the world’s largest, most experienced and most advanced armoured vehicle developers and manufacturers.

“This collaboration represents a significant investment for the partners over many years and the performance advantages of Redback with T-2000 will be exploited in joint marketing campaigns through 2019 and beyond.”

Redback establishes a “new global standard”

Hanwha Defence president and CEO Sungsoo Lee said: “Hanwha’s four decades of experience delivering over 7,000 armoured vehicles has been distilled to create Redback in response to the next generation requirements of the Australian Army.

“We believe Redback, in combination with the EOS turret, establishes a new global standard for simultaneously optimising protection, lethality, weight, mobility, price and future growth for a fighting vehicle.”

Quick facts: Electro Optic Systems Holdings Ltd

Price: $4.58

Market: ASX
Market Cap: $440.16 m
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