Hanwha Aerospace announced that it signed a contract to supply cutting-edge aircraft engine components to General Electric (GE), a world-renowned aircraft engine manufacturer.
Hanwha Aerospace will supply GE with 46 types of engine components for GE's GE9X and LEAP engine. The GE9X is GE's most advanced engine and expected to enter commercial production in 2020 while the LEAP is the world's best-selling aircraft engine. Hanwha Aerospace will begin delivering six types of engine components specifically for the GE9X, including high-pressure compressors and turbines in 2024. And for the LEAP engine, Hanwha Aerospace has promised 40 types of components in 2025.
The USD 300 million GE contract for the GE9X components is vital for Hanwha Aerospace's strategy. It will allow Hanwha Aerospace to secure its long-term business expansion plans and pursue other avenues of growth for the future.
A Hanwha Aerospace spokesperson said that Hanwha is being recognized for its global manufacturing capabilities. The company's flagship plant in Changwon is South Korea's only smart factory that can build aircraft engine components but it also has a production plant in Vietnam that began operations last year.
The Hanwha Aerospace spokesperson noted that the company has long been a partner of GE because of Hanwha's quality and technology.
The Hanwha Aerospace spokesperson also said with the latest supply contract, Hanwha raised its global status as an aircraft engine component company.
Hanwha Aerospace has been steadily growing its aircraft engine business to become a globally recognized aircraft engine component manufacturer by strengthening its partnerships with all of the top three aircraft engine manufacturers in the world: GE, Pratt & Whitney, and Rolls-Royce. In 2015, Hanwha Aerospace entered into a revenue-sharing partnership with Pratt & Whitney to supply components for the GTF engine.
Recently, Hanwha Aerospace sign a USD 1 billion contract with Rolls-Royce. The supply contracts with these three companies, in just the last five years, are worth more than USD 20.1 billion. And with the recent acquisition of EDAC Technologies, an American aircraft engine component manufacturer, now operating as Hanwha Aerospace USA, the company is poised to become the leading aircraft engine manufacturer and the revenue-sharing partner of choice, globally.
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