Seoul: South Korean defense company Hanwha Aerospace Co. announced that it has signed a deal with Spanish defense firm Indra Sistemas S.A. for the export of K9 self-propelled howitzers.

According to Yonhap News Agency, Hanwha Aerospace made the announcement in a regulatory filing on Monday. The company, however, did not disclose the contract value or the delivery schedule due to confidentiality reasons. The contract stipulates that Hanwha Aerospace will receive an initial payment amounting to 20 percent of the contract value immediately after signing, with an additional 5 percent to be paid by the end of the year.

This deal signifies Hanwha Aerospace's first foray into the Western European market with its K9 howitzers, expanding the number of countries utilizing the self-propelled howitzer to 11.