Samsung Techwin nabs $1.7 billion engine parts deal
By Ko Dong-hwan
South Korean aeronautics and defense technology firm Samsung Techwin said it has signed a $1.7 billion deal to supply engine parts to American engine maker Pratt & Whitney.
Under the deal, the South Korean firm will provide the engine parts to the U.S. company until 2062 through a risk and revenue sharing program, the company said in a statement.
Samsung Techwin is expected to develop and manufacture the middle turbine frame that is part of Pratt & Whitney's geared turbo fan engine.
"Through the deal, Samsung's status has emerged from a parts supplier that renews supply contracts every three to five years to a co-developing partner," the company said.