Hanwha Systems Co. has acquired British satellite communication antenna company Phasor Solutions Ltd., to secure a new growth driver.
According to Kim Youn-chul, Chief Executive of Hanwha Systems Co., they swiftly decided on the deal as the equipment market for satellite communication is seen growing to US$30.32 billion by 2022.
The company, defense industry unit of Hanwha Group, used data from Markets & Markets Research Private Ltd. in basing their decision.
However, it did not provide the value and other details of the deal due to a confidentiality agreement.
Phasor Solutions, the leading developer of broadband electronically steerable antennas (ESAs), was a victim of the new coronavirus outbreak, going bankrupt after having difficulties in attracting investments.
ESAs enables high-speed communication, whether at, in-flight, or land.
Hanwha Systems has been looking advance into the satellite communication antenna markets since last year.
