South Korea’s Hanwha Aerospace has agreed to acquire US aero-engine component manufacturer EDAC Technologies for about KRW351.6 billion (USD297 million), it was announced 10 June.
Hanwha Aerospace said in a stock exchange filing that the proposed transaction features the 100% acquisition of EDAC Technologies Holding Company, which owns Connecticut-based EDAC Technologies. The acquisition, which is subject to approval from US and South Korean authorities, is expected to be finalised by the end of 2019.
According to Hanwha Aerospace, EDAC Technologies, which is involved in both defence and commercial aerospace domains, generated revenues of USD150 million in 2018 and currently employs about 590 people.
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