Representative Image (Photo Credit - NEWSIS)
Representative Image (Photo Credit - NEWSIS)

Hanwha Aerospace signs supply contract worth won 366 billion with GE

ANI | Updated: May 26, 2021 09:47 IST


Seoul [South Korea], May 26 (ANI/Global Economic): Hanwha Aerospace announced on Tuesday that it has signed a contract to supply aircraft engine parts for approximately USD 320 million (about 360 billion won) with GE, an aircraft engine manufacturer.
Through this contract, Hanwha Aerospace plans to supply a total of 72 engine parts for civil and military use, including GE's flagship engines GEnx, GE90 and LM2500, from 2023 to 2026.

An official from Hanwha Aerospace said, "We have been recognized as a strategic partner of GE as well as a manufacturer specializing in aviation engine parts the technology and quality that we have accumulated over the past 40 years."
Meanwhile, Hanwha Aerospace explained that it has succeeded in winning large orders from the world's top three engine manufacturers as its status was raised as an International Joint Development Project (RSP) partner with P&W in the United States in 2015.
In 2019, the company won the right to supply parts for a state-of-the-art GTF engine worth about USD 1.7 billion (about 1.9 trillion won) to P&W, and signed contracts with UK Rolls-Royce and GE, worth USD 1 billion (about 1.2 trillion won) and USD 300 million (USD 300 million), respectively. The company has secured future profits of USD 24 billion (24 trillion KRW) in the aviation engine business alone, being successful in winning USD 300 million (350 billion KRW) in orders. (ANI/Global Economic)

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