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Korean Air Set to Expand Technical Center
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Korean Air is vying with Hyundai Heavy Industries Co., the world's largest shipbuilder, to acquire a 41.75 percent stake in Korea Aerospace Industries (KAI) Ltd., South Korea's sole aircraft manufacturer.
"There is no change in our position to take over KAI at an appropriate price," Cho Won-tae, a senior vice president, told reporters in Busan. He did not elaborate.
Cho said Korean Air plans to bid for the KAI on Nov. 30 after conducting due diligence on the aircraft maker. He also questioned Hyundai Heavy's commitment to taking over the KAI.
Korea Finance Corp., which is in charge of the sale as the biggest shareholder of the KAI with a 26.41 percent interest, plans to select a preferred bidder in early December before signing a final deal on transactions of shares, a KoFC official said. He asked not to be identified, citing policy.
Korean Air also said it will expand the current center in a 710,000-square-meter area to a 940,000-square-meter aerospace industrial park near Busan Gimhae International Airport to build unmanned aerial vehicles (UAVs) and to jointly develop civil aircraft in cooperation with Boeing Co. and Airbus SAS, the two leading aircraft manufacturers.
"Korean Air will secure its market power in Asia with the development of strategic UAVs, divisional UAVs, miniature UAVs, unmanned 500MDs and tilt-rotor UAVs," the carrier said in a statement after signing a memorandum of understanding with Busan City. "This facility will also serve as a final assembly line for wing and fuselage parts of large aircraft and the production line of UAVs."
Korean Air recently inked a memorandum of understating with Boeing to strengthen cooperation on rotor-craft, fixed-wing aircraft, unmanned aerial vehicles and military aircraft maintenance.
Date
2012.11.19
Views
797
According to Yonhap News,
Korean Air Lines Co., South Korea's top air carrier, said Monday the company will expand a technical center in the southern port city of Busan as it renews its determination to take over the country's sole aircraft manufacturer.Korean Air is vying with Hyundai Heavy Industries Co., the world's largest shipbuilder, to acquire a 41.75 percent stake in Korea Aerospace Industries (KAI) Ltd., South Korea's sole aircraft manufacturer.
"There is no change in our position to take over KAI at an appropriate price," Cho Won-tae, a senior vice president, told reporters in Busan. He did not elaborate.
Cho said Korean Air plans to bid for the KAI on Nov. 30 after conducting due diligence on the aircraft maker. He also questioned Hyundai Heavy's commitment to taking over the KAI.
Korea Finance Corp., which is in charge of the sale as the biggest shareholder of the KAI with a 26.41 percent interest, plans to select a preferred bidder in early December before signing a final deal on transactions of shares, a KoFC official said. He asked not to be identified, citing policy.
Korean Air also said it will expand the current center in a 710,000-square-meter area to a 940,000-square-meter aerospace industrial park near Busan Gimhae International Airport to build unmanned aerial vehicles (UAVs) and to jointly develop civil aircraft in cooperation with Boeing Co. and Airbus SAS, the two leading aircraft manufacturers.
"Korean Air will secure its market power in Asia with the development of strategic UAVs, divisional UAVs, miniature UAVs, unmanned 500MDs and tilt-rotor UAVs," the carrier said in a statement after signing a memorandum of understanding with Busan City. "This facility will also serve as a final assembly line for wing and fuselage parts of large aircraft and the production line of UAVs."
Korean Air recently inked a memorandum of understating with Boeing to strengthen cooperation on rotor-craft, fixed-wing aircraft, unmanned aerial vehicles and military aircraft maintenance.
Korean Air said it will restructure its aerospace business by focusing on
cutting-edge technologies and aims to become one of the major companies that
participate in the international joint development of civil aircraft.