EDAC Technologies

Feb 21, 2020

Today's date PM2.5 O₃ SHARE (ATTN: REWRITES throughout; ADDS image) SEOUL, Feb. 21 (Yonhap) -- Hanwha Aerospace Co., a defense industry unit of South Korea's Hanwha Group, said Friday its net profit more than tripled in 2019 from a year earlier on increased exports. Net profit jumped to 165.4 billion won (US$137 million) last year from 49 billion won a year ago, helped by robust sales of defense products and airplane engine parts, the company said in a statement. Equity gains from its wholly-owned unit Hanwha Defense Systems also helped drive up the company's bottom line, it said. Hanwha Defense Systems manufactures self-propelled artillery and other defense industry products. Operating profit also more than tripled to 165.2 billion won from 53.2 billion won during the same period. Sales rose 18 percent to 5.26 trillion won from 4.45 trillion won. Hanwha Group, a chemicals-to-finance conglomerate, plans to invest 4 trillion won in the airplane parts and defense industry business by 2022. In that vein, Hanwha Aerospace acquired a 100-percent stake in EDAC Technologies, which is headquartered in Cheshire, Connecticut, for $300 million in October last year. Hanwha Aerospace also took over EDAC's parent firm, Greenbriar Equity Group, L.P., in the company's first acquisition of an aircraft engine component manufacturing facility in the United States. EDAC will operate as Hanwha Aerospace USA. "The company will further enhance profitability and competitiveness in global markets this year based on Hanwha Aerospace USA operations," the statement said. To enhance shareholder value, Hanwha Aerospace said it will cancel 30 billion won worth of treasury stocks from Feb. 24 through May 22. kyongae.choi@yna.co.kr