Hanwha Aerospace completes acquisition of EDAC Technologies

Hanwha Aerospace Co. ("Hanwha Aerospace") and Greenbriar Equity Group, L.P. ("Greenbriar") announced today the completion of Hanwha Aerospace's acquisition of EDAC Technologies, an aviation engine component manufacturer with headquarters in Cheshire, Connecticut.

The approximately US $300 million deal includes 100% of the company shares. For Hanwha Aerospace, the EDAC Technologies acquisition represents their first aircraft engine component manufacturing facility in the United States. Going forward, EDAC Technologies will operate as Hanwha Aerospace USA.

"Our product portfolio will be significantly enhanced by the EDAC Technologies acquisition, and we will benefit from decades of expertise in the complex processes required to manufacture static and rotating engine components in volume" said Hyunwoo Shin - CEO of Hanwha Aerospace. "EDAC Technologies' geographic presence near our OEM customers and critical supply chain networks will also bring positive benefits for Hanwha Aerospace."

Hanwha Aerospace originally announced its intent to acquire EDAC Technologies in June 2019. The closing of the transaction follows receipt of all required regulatory and other approvals.

"Teaming with Hanwha Aerospace will allow for continued investment in our work force, process development and manufacturing capabilities" said Ben Adams, President and CEO of EDAC Technologies. "We are excited about the next phase of our growth story as part of Hanwha Aerospace and we look forward to collectively expanding our position in the jet engine manufacturing marketplace. We thank Greenbriar for their tremendous support over the last several years as our partnership together has positioned EDAC Technologies to capitalize on organic and strategic opportunities which transformed the company into an industry leader."

Noah Roy, Managing Partner of Greenbriar commented: "We are very pleased that a leading global company like Hanwha Aerospace will be supporting EDAC's next phase of growth. This acquisition is a recognition of EDAC's unique capabilities, facilities and its exceptional management team and employees. We congratulate the entire EDAC team and thank them for their partnership and commitment to the business."