Shortcut to Body Shortcut to main menu

Investment News

Hanwha Aerospace to supply $1.7 bn worth aircraft engine parts to P&W
Date
2019.01.23


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)

Related News

    Meta information

    Services

    Invest KOREA provides services support your investment journey.

    Find Nearby Invest KOREA Offices

    Discover nearby offices for Convenient access in your area

    Go to Overseas Office Site