South Korean aerospace company Hanwha Aerospace is planning to acquire U.S. aircraft engine manufacturer EDAC Technologies.
Hanwha Aerospace plans to pay 351.6 billion won ($297 million) to Greenbriar Equity Group for the entire stake in EDAC Technologie.
The transaction is expected to close by the end of 2019, subject to approval from the respective government agencies in Korea and the U.S.
Additionally, the revenue of Hanwha Aerospace, the aviation division of Hanwha Group, almost doubled in about four years, from $2.1 billion in 2015 to $3.8 billion at the end of 2018.