South Korean firm Hanwha Aerospace announced on 1 October that it has concluded the acquisition of US aero-engine component manufacturer EDAC Technologies.
The transaction, which was framed by a preliminary agreement signed in June 2019, is valued at USD300 million and includes 100% of EDAC Technologies' shareholding. EDAC Technologies, based in Connecticut, will now operate as Hanwha Aerospace USA.
Hyunwoo Shin, CEO of Hanwha Aerospace, said, "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."
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