BAE Systems Signs License Agreement with World Industries Ace

KARLSKOGA, Sweden — BAE Systems AB from Sweden and World Industries Ace Corporation (WIA) from the Republic of Korea have signed a license agreement for WIA to produce Bofors 57 and 40 mm Mk3 naval gun mounts for the Korean market.

The agreement with WIA provides the Korean navy and maritime police with a new generation of modern medium calibre guns that can fire the smart ammunition, the 6-mode programmable all-target 3P ammunition.

"This agreement builds on BAE Systems' strong presence in the Korean maritime market," said regional director Stefan Bergstrand.

The 57mm and 40mm Mk3 gun systems are fully mature products that have passed all verification and validation tests, and are approved for serial production, which is ongoing. The 57mm Mk3 is qualified by U.S. Navy and U.S. Coast Guard as the Mk110 and is contracted for use onboard a number of U.S. ship classes including the U.S. Navy's DDG 1000 and Littoral Combat Ship.

Source: BAE SYSTEMS SIGNS LICENSE AGREEMENT WITH THE REPUBLIC OF KOREA