While the shipbuilding equipment and material industry is facing a management crisis called an 'Order Cliff', STX Engine announced the news that it has won large orders, turning on the green light for the normalization of its management.
On July 20th, STX Engine entered into a contract with Hyundai Heavy Industries for the main engines, including power generation engines, for two frigates of the Philippines Navy amounting to KRW38.6 billion in total. In addition, On July 28th, it made a contract amounting to KRW 37.54 billion won with Hanwha Land Systems for 104 sets of diesel engines for K9 self-propelled howitzers to be exported to India, as well as a contract for 7 sets of the same for domestic use amounting to KRW 2.52 billion additionally.
Currently , the company is producing and delivering a cumulative total of 2,100 sets of MT881 engines for K9 self propelled artillery (including K10 ammunition resupply vehicles). Of these it has supplied 330 sets to Turkey and Poland, with its excellent performance being recognized worldwide.
On the other hand, with the end of the autonomous agreement ahead, STX Engine proceeds with selling itself recently. It decided to receive a letter of intent (LOI) for bidding for the acquisition of the company by August 2nd.