Hanwha Aerospace, the largest defense corporation in South Korea, revealed intentions on January 14 to spend nearly $100 million to acquire 30 percent of Satrec Initiative’s stock, a satellite maker after the transaction is concluded, as per the press release, Satrec Initiative, a corporation known for developing small and medium-sized Earth observation satellites, will be privately operated. Still, it will have access to various services via the Hanwha Group, the biggest manufacturing conglomerate situated in South Korea, like radar as well as infrared technology from Hanwha Aerospace. “This arrangement offers the financial tools and strategic alliance for more development that we can exploit,” Ee-Eul Kim, who serves as Satrec Initiative president and Chief Executive Officer, stated.
“We will grow our business to respond proactively to the increasing domestic as well as international demands for both [Infrared and Synthetic Aperture Radar] and optical satellite systems.” Hanwha Aerospace and the Satrec Initiative are setting up a joint alliance for domestic and foreign companies as part of the deal. Created in the year 1999 by engineers who built the very first Korean satellite, the Satrec Initiative develops Earth observation satellites as well as ground facilities independently and with collaborators, such as the Emirates Institution for Advanced Science and Technology of the United Arab Emirates.
Satrec Initiatives has two subsidiary companies: SI Imaging Services, which focuses on delivery services for satellite imagery, as well as SI Analytics, which offers artificial intelligence-based geospatial analytics services. Hanwha Aerospace is designing the Korea Space Launch Vehicle-2 liquid rocket engine for the Korea Aerospace Research Institute. Hanwha Aerospace affiliate Hanwha Systems are developing functional electronically monitored array radars and electro-optical and the infrared surveillance and reconnaissance systems.
Hanwha Aerospace, the sole developer of the aircraft engines in South Korea, has been a leader in the cutting-edge manufacturing sector, focusing on manufacturing and servicing aircraft engines. In 1979, starting with the gas turbine engine depot repair, the company progressed into the aircraft engine market. Hanwha Aerospace has since supplied the world with a wide variety of gas turbine options, like South Korea, as well as their total output in 2016 surpassed 8,000 units. By guaranteeing customer loyalty based on delivering the highest product, price, and distribution competition, Hanwha Aerospace intends to enhance into a worldwide pioneer in the field of aircraft engines.
The company is in an environment that sees great and quick shifts. Still, through them, they have consistently made great milestones, and they remain committed to being the world’s leading partner in the aviation engine components. Their approach is simple: they foresee and solve the ever-changing markets by continuous technology growth with a quality emphasis.https://nymarketreports.com/