Hanwha Aerospace Completes Acquisition of EDAC Technologies
30 Sep, 2019, 17:43 ET
HARTFORD, Conn., Sept. 30, 2019 /PRNewswire/ -- Hanwha Aerospace Co. ("Hanwha Aerospace") and Greenbriar Equity Group, L.P. ("Greenbriar") announced today the completion of Hanwha Aerospace's acquisition of EDAC Technologies, an aviation engine component manufacturer with headquarters in Cheshire, Connecticut. The approximately US $300 million deal includes 100% of the company shares. For Hanwha Aerospace, the EDAC Technologies acquisition represents their first aircraft engine component manufacturing facility in the United States. Going forward, EDAC Technologies will operate as Hanwha Aerospace USA.
"Our product portfolio will be significantly enhanced by the EDAC Technologies acquisition, and we will benefit from decades of expertise in the complex processes required to manufacture static and rotating engine components in volume" said Hyunwoo Shin - CEO of Hanwha Aerospace. "EDAC Technologies' geographic presence near our OEM customers and critical supply chain networks will also bring positive benefits for Hanwha Aerospace."
Hanwha Aerospace originally announced its intent to acquire EDAC Technologies in June 2019. The closing of the transaction follows receipt of all required regulatory and other approvals.
"Teaming with Hanwha Aerospace will allow for continued investment in our work force, process development and manufacturing capabilities" said Ben Adams, President and CEO of EDAC Technologies. "We are excited about the next phase of our growth story as part of Hanwha Aerospace and we look forward to collectively expanding our position in the jet engine manufacturing marketplace. We thank Greenbriar for their tremendous support over the last several years as our partnership together has positioned EDAC Technologies to capitalize on organic and strategic opportunities which transformed the company into an industry leader."
Noah Roy, Managing Partner of Greenbriar commented: "We are very pleased that a leading global company like Hanwha Aerospace will be supporting EDAC's next phase of growth. This acquisition is a recognition of EDAC's unique capabilities, facilities and its exceptional management team and employees. We congratulate the entire EDAC team and thank them for their partnership and commitment to the business."
About Hanwha Aerospace
Hanwha Aerospace began operations in 1977, producing aircraft engines and film cameras. Since then, it has aggressively invested in R&D to grow into a major presence within the aircraft/gas turbine engine industry. Hanwha Aerospace's dramatic evolution was made possible by the successful development of industry leading and proprietary technologies that give it the competitive edge needed to succeed around the world. In addition to technological advancement, Hanwha Aerospace also focuses on developing industry expertise and the ability to comprehensively address changing market demands as well as the ability to anticipate future market shifts.
For more information, visit: www.hanwhaaerospace.com
About Greenbriar Equity Group
Founded in 1999, Greenbriar Equity Group is a private equity firm with over $3.5 billion of committed capital focused on investing in market-leading manufacturing and services businesses in partnership with proven management teams. Greenbriar looks to identify companies capitalizing on strong long-term growth prospects that can benefit from Greenbriar's industry knowledge, operating capabilities, network of senior executive relationships, strategic insight and access to capital. Sectors of particular focus include aerospace and defense, industrial and business services, logistics and transportation, and specialty manufacturing.
Additional information may be found at www.greenbriarequity.com.
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SOURCE Greenbriar Equity Group, L.P.
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