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Hanwha signs US$300 mln deal to buy U.S. aircraft engine maker EDAC

All Headlines 09:12 June 10, 2019

SEOUL, June 10 (Yonhap) -- Hanwha Aerospace Co., the aircraft engine making unit of defense and finance conglomerate Hanwha Group, said Monday it had signed a deal worth 350 billion won (US$300 million) to buy a U.S. aircraft engine maker in its latest expansion strategy.

Under the deal, Hanwha Aerospace will acquire a 100 percent stake in EDAC Technologies Holding Company by the end of the year, the company said in a regulatory filing.

The company expects the acquisition will help it compete with U.S. aircraft engine rivals such as Pratt & Whitney and General Electric in global markets.

EDAC Technologies Holding Company owns U.S. aircraft engine manufacturer EDAC Technologies LLC, it said.

This file photo shows the Korean language logo of Hanwha Aerospace. (Yonhap)

kyongae.choi@yna.co.kr
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