Korea Aerospace Industries signed a series of deals with Boeing of the United States to supply 720 billion won worth of jet airliner components. Ha Sung-yong, CEO of KAI, who is now in the United States to finalize the deal, is also striving to win the 17-trillion-won advanced pilot training project from the U.S. Air Force.
KAI announced on July 11 that it contracted with Boeing to supply 641.1 billion won worth of wing components over the next 13 years. Under the terms of this deal, KAI will serve as an exclusive supplier of wing ribs for Boeing's new jet airliner B777X until the end of 2030.
The B777X, scheduled to be commercialized by 2019, will feature a longer flying range and a 30-percent improvement in fuel efficiency compared to the existing B747.
KAI also signed another deal with Boeing to supply 79 billion won worth of components for rear fuselage sections. The Korean company achieved sales of 1.1 trillion won last year by supplying jet airliner components to the world's big two aircraft makers Boeing and Airbus.