A Redback infantry fighting vehicle developed by Hanwha Aerospace / Courtesy of Hanwha Aerospace

The Australian subsidiary of Hanwha Aerospace has signed a $2.4 billion contract with the Australian government to export 129 Redback infantry fighting vehicles (IFVs), the company and the Defense Acquisition Program Administration (DAPA) announced Friday.

The contract includes the development and delivery of components for training and support systems.

All 129 vehicles will be manufactured in Australia, with delivery set to begin in 2027. The fleet will be delivered in full by 2028.

The contract came after Hanwha Defense Australia was selected as the preferred bidder in July for the Land 400 Phase 3 program that is designed to replace the fleet of M113AS4 armored personnel carriers of the Australian Army's ground forces.

At the time, Hanwha's Redback IFV beat German defense firm Rheinmetall's Lynx KF-41 armored vehicle to be picked as the preferred bidder.

"The achievement, which shows the potential of Korea's defense systems, is the result of active support from various agencies, including the presidential National Security Office, defense ministry, foreign ministry, DAPA and ROK Army," a DAPA official said.

The latest deal marks Hanwha's second export of ground-based military equipment to Australia after a 2021 deal to supply K9 self-propelled howitzers.

Son Jae-il, president and CEO of Hanwha Aerospace, said the latest order represents a further strengthening of the company's presence in Australia at a time when ties between Korea and Australia are growing rapidly.

Equipped with advanced situational awareness systems normally found on jet fighters, the Redback rides on rubber tracks that reduce noise and vibration while offering superior ride quality for its crew and the soldiers it protects, according to the company.