Huneed Technologies (CEO JongSeok Shin/ KOSPI 005870, www.huneed.com) and Airbus Helicopters(AH) in Europe announced that they have signed a Memorandum of Agreement (MOA) for business cooperation.
In between the two companies, the MOA encompasses a wide range of business cooperation for the Korean Utility Helicopter(KUH), Light Civil Helicopter(LCH), Training Helicopter, etc.
Based on the MOA, Huneed as an Strategic Business partner for Airbus Helicopters will be supplying electrical system to be mounted on Light Civil Helicopter(LCH).
The electrical systems play a key role in connecting all the systems of an aircraft through wire harness, control box, and panels for transferring of electrical signals.
The expected size of supply is approximately 2.8 million euros over the next five years starting from 2016 and Huneed expects more than 9 million euros (12 billion won) of additional sales after 2020 when the LCH program finally reaches a mass production phase.
The MOA was signed on 20th October at Huneed’s exhibition stand in the presence of Airbus Helicopters Damien Lamy, Bertrand Bord and Huneed Top Management during Seoul International Aerospace & Defense Exhibition (Seoul ADEX 2015) that was held in Seoul Airport, Seongnam, Gyeonggi-do.
Based on core technologies and know-how transferred by Airbus Helicopters, Huneed expects to acquire the capabilities to manufacture and export the electrical systems for helicopters starting from the year 2016. Furthermore, Huneed expects to establish strong foundation to become a professional supplier of electrical systems for many of rotary and fixed wing aircrafts.
Mr. JongSeok Shin, CEO of Huneed mentioned that “As a strategic partner of Airbus Helicopters, the world’s largest Helicopter Manufacturer, Huneed will continue to develop business cooperation with Airbus Helicopters in the domestic and global helicopter market”.