Hanwha Aerospace (012450.KS) has joined hands with its suppliers to achieve technological self-reliance in aviation engines.
Hanwha Aerospace said on the 9th that it signed a mutual growth memorandum of understanding (MOU) with aviation engine manufacturing suppliers to "build an industrial ecosystem for aviation engine technology self-reliance." The company plans to pursue shared growth with suppliers and related institutions while proactively preparing for Korea's government-led aviation engine development programs, including a 10,000-pound turbofan engine and advanced aviation engines.
The "Aviation Engine Mutual Cooperation MOU Signing Ceremony," held the previous day at the Changwon Convention Center in Changwon, South Gyeongsang Province, drew about 100 participants from 49 core suppliers in aviation engine manufacturing and related institutions.
Under the agreement, Hanwha Aerospace will provide suppliers with customized technical and job training, research and development (R&D) funding and infrastructure, and improved trading conditions. Following its "Mutual Cooperation Declaration Ceremony" in February, the company has been rolling out various policies for shared industry growth in its aviation engine business, including joint R&D projects and support for suppliers' overseas market entry through initiatives such as a "materials and components MOU."
"Shared growth across the entire ecosystem is absolutely essential for achieving technological self-reliance in aviation engines," said Kim Jun-tae, head of defense business at Hanwha Aerospace. "We will do our utmost to develop domestically produced aviation engines through mutual cooperation."
