Hanwha Defense Systems Corp. manufactures, exports, and sells defense products worldwide. The company offers armored vehicles; air defense systems; and land-based launcher systems and naval launchers, as well as related products, including surface-to-surface missile launchers, torpedo tubes, ship-to-ship missile launchers, Korean vertical launch systems, and middle-range surface-to-air missile launchers. It also provides optics/navigation systems and related products, such as composite ground navigation systems, inertial navigation and guidance units, and inertial navigation systems for railroad cars. Hanwha Group is one of the largest business conglomerates (chaebol) in South Korea. Founded in 1952 as Korea Explosives Co., the group has grown into a large multi-profile business conglomerate, with diversified holdings stretching from explosives, their original business, to retail to financial services.