[E-Daily Reporter KIM EUNG-TAE ] Advanced materials specialist Welcron Company Limited(065950)announced on the 16th that it has signed a Memorandum of Agreement (MOA) with Indonesia’s state-owned defense company “Pindad” (PT Pindad) to supply mine protection kits for wheeled armored vehicles.

Through this collaboration, Welcron Company Limited has established a supply partnership with Pindad based on its independently developed armored vehicle protection technology. Pindad is Indonesia’s leading state-owned defense company, developing and producing a wide range of ground weapon systems, including military vehicles, armored vehicles, small arms, and ammunition.
Welcron Company Limited is expected to gain momentum in diversifying its portfolio—including high-value-added “add-on armor” for armored vehicles and naval vessels—in addition to its solid dominance in the existing personal protection (body armor and bulletproof plates) market, starting with this joint development of overseas military vehicle protection.
Welcron Company Limited’s Defense Division has been actively expanding its business since 2018 by fulfilling contracts to supply body armor plates for personal protection. In 2020, the company signed a 19 billion won contract with the Defense Acquisition Program Administration (DAPA) to supply body armor plates. Furthermore, through technological advancements, it has supplied add-on armor for wheeled armored vehicles, body armor plates for high-speed boats and high-speed landing craft, and body armor plates for small tactical vehicles to major domestic defense conglomerates.
The company explains that its defense sector performance is also improving. A Welcron Company Limited official stated, “Sales of engine grille protective louvers—which shield the internal systems of armored vehicles and self-propelled artillery from enemy fire—are steadily increasing, and the revenue and profit structure of the defense sector is on an upward trajectory,” adding, “Revenue from the Defense Division has been increasing year after year and accounted for 25% of Welcron Company Limited’s total revenue last year.”
Shin Jeong-jae, President of Welcron Company Limited, said, “This collaboration with Pindad is a meaningful achievement that demonstrates global recognition of Welcron Company Limited’s proprietary protection technology and quality competitiveness.” He added, “We will use this collaboration as an opportunity to further expand our business opportunities in Southeast Asian markets, including Indonesia.”