Hanwha Aerospace Co., an aviation and defense unit of South Korean conglomerate Hanwha Group, announced on Jan. 23 that it has clinched a US$1.7 billion (1.92 trillion won) deal to supply aircraft engine components to U.S.-based aircraft engine manufacturer Pratt & Whitney Inc. (P&W).
Founded in 1925, P&W is recognized as one of the world’s top three aircraft engine producers along with U.S.-based General Electric Co. (GE) and U.K.-based Rolls-Royce Ltd.
Under the deal, Hanwha Aerospace will begin the development of two types of high-pressure turbine (HPT) disk for a geared turbofan (GTF) engine next year to mass produce the parts starting from 2022.
The company stressed that the latest deal represents a “qualitative change” in the company’s status from a supplier of cheaper parts to a vendor of more high value-added parts.
The Korean aviation and defense company has won a total of US$18.10 billion (20.43 trillion won) worth of orders, including the latest deal, from P&W over the past five years. It also entered a risk and sharing program (RSP) with the leading American aerospace manufacturer to develop a GTF engine for aircrafts in 2015.