Huneed Technologies (CEO Shin Jongseok; www.huneed.com, KOSPI 005870) made a groundbreaking achievement, winning the international competitive bid for an exclusive supply contract with Boeing for the supply of avionics for the large transport helicopter model, H-47 (Chinook).
According to industry sources, Huneed will be supplying avionics, valued at USD 120 million (approx. KRW 140 billion) in total, to Boeing by 2022.
The electronic and electric systems to be manufactured by Huneed are the core components of avionics installed in the cockpit and the interior of the helicopter to transmit electrical signals between the engine and the avionics systems.
Chinook is a world-class heavy-lift helicopter that has been used in most of the wars that involved the U.S. It is currently used by the United States Army, as well as in some 25 other countries including the Republic of Korea, and more than 1,500 Chinooks have been manufactured to date. It is one of the main heavy-lift helicopters used by the U.S. Army and the Allied Forces, and it has been used in Special Forces missions and post-disaster rescue missions worldwide. Due to such high demand, the sales of Chinook around the world are expected to continue well into the 2040s.
Huneed, which began supplying avionics for the F-15 and F/A-18 combat jets to the U.S. Navy and Air Force from 2013, has successfully expanded into the helicopter market with this contract. This has set the foundation necessary for Huneed as avionics supplier to have a robust business with the long-term stabled production volumes and sales.
Huneed is Boeing’s Tier-1 GOLD Supplier, which is the highest classification granted to its suppliers. Despite the heated competition against global avionics companies from around the world, Huneed obtained highest scores for quality and on-time delivery as well as its competitive prices, and was notified of its successful bid.
Eugene Kim, Chairman of Huneed, said, “For the past three years, we have successfully supplied to Boeing our advanced avionics equipment that are a key part of combat jets. By gaining recognition for our business performance capacity based on our previous dealings, we were able to win the long-term and large-scale contract. Huneed will continually collaborate with international aviation companies to sustainably expand into the global avionics market.”