EWK Signs Conditional Acquisition Agreement for Aviation Engine Parts Company 'Hana ITM'

[Asia Economy Reporter Park Hyungsoo] EWK is pushing forward with the acquisition of aircraft engine parts company Hana ITM.

On the 8th, EWK announced that it had signed a conditional acquisition agreement for the sale of Hana ITM through a stalking horse process. The stalking horse is a method where a rehabilitating company signs a conditional acquisition agreement and then conducts a public auction; if no bidders emerge, the conditional acquirer becomes the final buyer.

Hana ITM is a precision machining company specializing in aircraft engine parts. It has secured clients such as French aircraft engine manufacturer Safran and American General Electric (GE). The company mainly produces essential aircraft engine parts like turbine vanes and seals.

The key jet engine parts produced by Hana ITM are used in the Airbus A320neo and Boeing B737 Max. These airframe groups account for about 65% of the total finished aircraft. It is expected that demand for these parts will increase as the aviation industry recovers.

Along with pursuing the acquisition of Hana ITM, EWK is set to officially start its aviation business. The strategy is to provide integrated solutions across the aviation industry, including aircraft parts business, aircraft maintenance, repair, and overhaul (MRO), and aviation finance.

A company official explained, "Despite a challenging business environment, Hana ITM secured large-scale orders for aircraft jet engine parts," adding, "As of the end of last year, it has an order backlog of approximately 320 billion KRW."

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