South Korean aviation firm Hanwha Aerospace said on June 10 that it will take over the entire stake of US aircraft engine manufacturer EDAC Technologies from Greenbriar Equity Group for 351.6 billion won ($297.2 million).
The acquisition will be complete by end-2019, on the premise of approval from the respective government agencies in Korea and the United States, read a disclosure on the day.
Courtesy of Hanwha Aerospace
The aviation unit of Korean conglomerate Hanwha Group will acquire 100 percent of EDAC Technologies following its merger with a special purpose company founded by the conglomerate on June 5, according to the disclosure.
EDAC Technologies is a Connecticut-based precision component maker for aircraft engines and airframes founded in 1946. Its clients include Pratt & Whitney, General Electric and Rolls-Royce.
Hanwha Aerospace, formerly Samsung Techwin and owned by Samsung Group, was acquired by Hanwha in 2014. Now, Hanwha’s holding firm Hanwha Corp. owns 33.03 percent share of the Korean aircraft engine maker.
Focusing on aviation and the defense industry, Changwon-based Hanwha Aerospace had seen its revenue nearly double over four years from 2.6 trillion won in 2015 to 4.5 trillion won by end-2018. Its capital came to 2.6 trillion won as of end-2018.
By Son Ji-hyoung (firstname.lastname@example.org)