By John Lee.
South Korea's Hyundai Everdigm has signed a contract for the provision of various firefighting and rescue vehicles, spare parts, and training services to Iraq's Ministry of Interior.
The contract, valued at 135,280,288,000 KRW [$97 million], represents 38.09% of the company's most recent annual revenue of 355,118,376,929 KRW [$256 million].
It is set to begin on October 21, 2025, and end on March 5, 2027. Key terms include a 20% advance payment to be made within 30 days of contract activation, 70% mid-payment for each shipment, and the final 10% payment within 60 days of receiving confirmation of delivery.
According to a document filed with the South Korean Stock Exchange, the contract is contingent on the issuance of performance guarantees and the completion of various administrative procedures by the Ministry of Interior, which will also approve the deal.
The main terms and conditions of the contract involve both in-house and outsourced production.
(Source: Hyundai Everdigm)
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