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According to Pulse by Maeil Business News Korea,
Hanwha Aerospace Co., an aviation and defense unit of South Korean conglomerate Hanwha Group, has clinched a $1.7 billion deal to supply aircraft engine components to U.S.-based Pratt & Whitney (P&W) for 40 years, the company said Wednesday.
Under the deal, Hanwha Aerospace will begin the development of two types of high-pressure turbine disk for a geared turbofan engine next year to mass produce the parts starting from 2022.
The company expects the latest deal would help it obtain more high value-added products deals after years of supplying mostly cheaper parts.
Hanwha Aerospace and P&W, one of the world’s three leading engine manufacturers including GE and Rolls-Royce Ltd., have recently enhanced their partnership in aerospace area. The Korean aviation and defense company has won total $18.1 billion worth orders, including the latest deal, from P&W over the past five years. It also entered a risk and sharing program with the leading American aerospace manufacturer to develop a geared turbofan engine for aircrafts in 2015.
Hanwha Aerospace will seek to build closer partnership with the global top three aerospace companies in the expectation of a surge in demand for air travel and transportation.
By Kang Gye-man and Lee Ha-yeon
Copyrights Pulse by Maeil Business News Korea. All Rights Reserved.
Source: Pulse by Maeil Business News Korea (January 23, 2019)