现代Rotem以3584亿韩元收购现代Wia军工特种事业部，但同日Q3业绩不及预期致股价大跌约10%

Hyundai Rotem has finalized its acquisition of Hyundai Wia’s defense business, moving to consolidate land defense capabilities previously divided among Hyundai Motor Group affiliates.
Hyundai Rotem and Hyundai Wia disclosed on Oct. 19 that they had signed a business transfer agreement covering Hyundai Wia’s Special Business Division. The transaction is valued at 358.4 billion won.
Under the deal, Hyundai Rotem will take responsibility for both the production of completed K2 tanks and their key components. Previously, Hyundai Rotem manufactured the finished tanks, while Hyundai Wia supplied artillery systems used in tanks and self-propelled howitzers.
Hyundai Rotem will acquire the entire business, including artillery production facilities, assets, liabilities, employees and intellectual property rights.
All employees of Hyundai Wia’s Special Business Division will be transferred to Hyundai Rotem, and the production plant will be relocated after the transaction closes. However, real estate, including land and buildings at Hyundai Wia’s factory site, is excluded from the acquisition.
The Special Business Division’s total operating value was assessed at approximately 480 billion won. The companies agreed on a final transaction value of 358.4 billion won after excluding real estate and other assets.
By bringing artillery production in-house, Hyundai Rotem will be able to manage operations ranging from finished tank manufacturing to the procurement of critical components. The company expects the integration to reduce manufacturing costs and improve its ability to meet delivery schedules.
Cost competitiveness and delivery performance are also important factors in securing overseas tank orders.
Following its K2 exports to Poland, Hyundai Rotem is pursuing additional contracts in countries including Peru and Romania. Its artillery manufacturing capabilities could also help expand the range of components produced locally in response to overseas customers’ requirements.
Strengthening the defense business is particularly important for Hyundai Rotem as it seeks to improve earnings and profitability.
The company reported third-quarter consolidated revenue of 1.6207 trillion won, up just 0.1% from a year earlier, while operating profit fell 11% to 247.1 billion won.
Revenue from its AD&RH division, covering aerospace, defense, robotics and hydrogen, declined 10.1% year over year to 841.2 billion won, accounting for 51.9% of total revenue.
The division generated operating profit of 236 billion won, representing 95.5% of the company’s total operating profit.
“We pursued the acquisition to strengthen the competitiveness of both companies’ core businesses,” a Hyundai Rotem official said. “Vertical integration of our defense operations will help secure cost competitiveness and expand the range of products that can be localized overseas.”
Hyundai Wia, meanwhile, plans to restructure its business around future mobility following the divestment of its defense operations.
The Special Business Division generated revenue of 393.1 billion won in 2025, accounting for 4.6% of Hyundai Wia’s total revenue.
Hyundai Wia plans to invest the sale proceeds in new businesses, including thermal management systems (TMS) that regulate temperatures in electric vehicle batteries and motors, as well as robotics.
The company also outlined its restructuring strategy in a medium- to long-term management plan released the same day.
Hyundai Wia aims to achieve revenue of 14.8 trillion won by 2035 and increase the contribution of new businesses to 27% of total revenue.
The acquisition is expected to be completed by the first quarter of 2027.
Hyundai Wia will hold an extraordinary shareholders’ meeting at its headquarters in Changwon, South Gyeongsang Province, on Nov. 27 to seek approval for the transfer of its Special Business Division.
The companies plan to complete the transaction by March 31, 2027, following shareholder approval and regulatory clearances.