Hanwha Aerospace selected as preferred bidder for S. Korea's space rocket project

Hanwha Aerospace Co., an aerospace business unit of chemical-to-financial conglomerate Hanwha Group, has been selected as preferred bidder for South Korea's space rocket-upgrading project, the company said Friday. Hanwha Aerospace beat the country's sole aircraft manufacturer Korea Aerospace Industries Co. (KAI) in the 300-billion won ($213 million) project spearheaded by state-run Korea Aerospace Research Institute (KARI), the company said in a statement. "Hanwha Aerospace will c