April 24, 2024

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[THE INVESTOR] Hanwha Techwin, the aircraft engine manufacturing unit of Hanwha Group, is seeking to acquire a stake in Siemens’ gas turbine business with aims to expand its presence in the lucrative market, The Bell reported on March 7.

Citing unnamed banking sources, the report said, the Korean firm has recently been named a preferred bidder for the stake, along with an unidentified strategic investor. 

Siemens, which operates gas turbine business around the world, is likely to sell the stake bundled with a specific regional operation. The report predicted the deal size could reach some 350 billion won (US$304 million).

The gas turbine technology is used to make aircraft engines and power plants. The market is dominated by top four players -- Germany’s Siemens, US’ General Electric, UK’s Rolls-Royce and Japan’s Mitsubishi.

Hanwha Techwin currently produces gas turbine engines as a strategic partner of global engine makers such as GE and Rolls-Royce.

By Lee Ji-yoon (jylee@heraldcorp.com)