Vessel "Vessel Aero Signs MOU on Aerospace Business with US DGTA and FAA Certified Global Companies"

Vessel announced on the 25th that its affiliate, Vessel Aerospace, has signed a Memorandum of Understanding (MOU) related to the aerospace business with Global Component Asia (GCA).

Vessel Aerospace attended the ‘Malaysia International Maritime and Aerospace Exhibition’ (LIMA) held from the 23rd to the 27th, organized by the Malaysian Ministry of Defense and Ministry of Transport. The event was also attended by Lee Jong-seop, Minister of National Defense, as well as KAI (Korea Aerospace Industries), LIG Nex1, and others.

According to the agreement signed at LIMA, both companies will cooperate in the development of electric aviation vehicles (AEV), including Urban Air Mobility (UAM), in preparation for an electrified future. They also plan to advance the MRO (Maintenance, Repair, and Overhaul) business to meet the aftermarket demands of the aerospace industry.

Additionally, Vessel Aerospace’s cutting-edge product capabilities will be marketed throughout Malaysia, including both civilian and defense sectors.

GCA is an MRO company approved by the U.S. Federal Aviation Administration (FAA), the Directorate General of Civil Aviation (DGTA), and the Civil Aviation Authority of Malaysia (CAAM).

In 2021, GCA acquired ‘RUAG Aviation Malaysia’ from the Swiss defense company RUAG. According to the company, RUAG Aviation is certified by the FAA and the European Union Aviation Safety Agency (EASA) to perform MRO operations.

MRO includes aircraft maintenance and services, consumable parts, and disassembly inspections. According to the industry, the MRO market can generate continuous and stable revenue due to repetitive maintenance demands. The MRO business is a high value-added industry with double-digit operating profit margins, and as of last year, the global market size reached the 100 trillion KRW level. It has high entry barriers such as massive initial facility investment and international certifications.

A GCA official stated, “This alliance is a significant milestone to strengthen Malaysia’s aerospace capabilities and introduce cutting-edge technology.” A Vessel Aerospace representative responded, “We look forward to close cooperation in the aerospace industry, including defense and civilian aircraft, between the Republic of Korea and Malaysia.”

They added, “Through this partnership, we will contribute to the development of sustainable aerospace solutions by leveraging our technical expertise.”

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