Hanwha Aero Wins $360 Million Contract to Supply Aircraft Engine Parts to US GE

[Asia Economy Reporter Suyeon Woo] Hanwha Aerospace announced on the 25th that it has signed an aircraft engine parts supply contract worth approximately $320 million (KRW 360 billion) with the global aircraft engine manufacturer, US-based GE.

Through this contract, Hanwha Aerospace plans to supply a total of 72 types of various civil and military engine parts, including GE's flagship engine GEnx, as well as GE90 and LM2500, from 2023 to 2026.

A Hanwha Aerospace official evaluated, "This recognizes not only the technology and quality accumulated over more than 40 years as a specialized manufacturer of aircraft engine parts but also our status as a strategic partner of GE."

Photo by Hanwha Aerospace

Meanwhile, Hanwha Aerospace has been securing large-scale supply contracts consecutively from the world's top three engine manufacturers since its status was elevated to an international joint development project (RSP) partner with US-based P&W in 2015.

In particular, following the acquisition of a long-term parts supply contract worth approximately $1.7 billion (KRW 1.9 trillion) for the state-of-the-art GTF engine with P&W in 2019, Hanwha Aerospace has also succeeded in securing contracts worth $1 billion (KRW 1.2 trillion) and $300 million (KRW 350 billion) with the UK’s Rolls-Royce and GE respectively, thereby securing future growth engines with an order backlog of about KRW 24 trillion in the aircraft engine business.

Additionally, after recently obtaining in-house production approval from Rolls-Royce in the UK, Hanwha Aerospace was awarded the 'Gold' grade?the highest partner level?by US-based P&W, advancing its quality and technological competitiveness to a global top-tier level.

A Hanwha Aerospace official stated, "We expect a gradual improvement in global air travel demand, centered on the expanded distribution of COVID-19 vaccines and domestic travel demand. In line with this, we will continue to strengthen partnerships with the world's top three engine manufacturers and grow our aircraft engine business."

Hanwha Aerospace is the only gas turbine engine manufacturer in South Korea, having entered the aircraft engine business in 1979 by starting gas turbine engine overhaul and repair, and has cumulatively produced over 9,000 engines to date. Recently, it has expanded its business into the domestic and international space industry through the acquisition of shares in Setrec Eye, a domestic satellite specialist company.

This content was produced with the assistance of AI translation services.