LIG Nex1 and POONGSAN founded the joint venture on weapon-grade rocket engine development, joining forces together to secure global competitiveness in the guided weapon sector. LIG POONGSAN PROTECH is Korea’s first joint venture in the defense industry established through the 3-year project conducted since 2007 between the two major competitors in the Korean defense industry. LIG Nex1 and POONGSAN hold 60% and 40% of shares in the joint venture respectively while the two companies jointly make investment in building facilities, conducting R&D projects on guided and non-guided rocket propulsion units and propellants and in producing and selling newly-developed defense products. LIG POONGSAN PROTECH’s eco-friendly thermoplastic solid propellants and propulsion units are recyclable and can reduce harmful emissions, and thus are expected to contribute to saving national defense budget.