Hanwha Aerospace has signed a deal to fully acquire EDAC Technologies, an American aircraft engine component manufacturer. The deal is expected to be worth around USD 300 million, which will be finalised once negotiations are completed.
The Korean company made a preliminary bid for EDAC Technologies in April of 2019 and entered a period of due diligence before making a final offer.
EDAC Technologies is an aircraft engine component manufacturer based in Connecticut, with a workforce of 590 people. It recorded USD 150 million in revenue in 2018.