Boeing signs joint weapons development deal with South Korea
Boeing signed a so-called memorandum of understanding with South Korea's Defense Acquisition Program Administration, the Virginia-based aerospace giant said in a statement.
The MOU will see both "jointly research, develop, and market advanced weapons systems of mutual interest."
Neither the company nor the country elaborated on the type of weapons systems being considered.
"For over 70 years, Boeing has been committed to its partnership with Korea," Boeing Defense, Space and Security President and CEO Ted Colbert said in a statement.
"This agreement aligns with Boeing and DAPA's common interest of establishing a strategic partnership to support the U.S.-ROK alliance."
Boeing's defense division produces a multitude of airborne weapons systems for customers in more than 15 countries.
The company spent more than $4 billion during the last 15 years with Korean suppliers, including $250 million last year with 50 companies.
"This joint effort will have a positive impact on the Korean defense industry, especially small and medium-sized companies, by creating large-scale value from the initial state as part of Boeing's global value chain," Korea's DAPA Minister Eom Donghwan said in a statement.
The news comes the same day Boeing's commercial aviation division revealed it was slowing down and pausing deliveries of some of its 737 MAX passenger jets because of parts shortages.
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