Hanwha Aerospace has secured a bridgehead to the U.S. market by wrapping up the acquisition of a U.S. aviation engine parts company for US$300 million.
Hanwha Aerospace announced on Oct. 1 that it has acquired 100 percent of EDAC for US$300 million. The company announced the acquisition plan last June. It received approval from the Committee on Foreign Investment in the United States under the U.S. Treasury Department in early September. Hanwha Aerospace launched Hanwha Aerospace USA, a wholly-owned subsidiary.
"We moved up the acquisition process by successfully passing the tough investment eligibility screening process of the U.S. government," Hanwha Aerospace explained.