KAI signs ￦180-billion T-50 trainer jet supply dealKorea Aerospace Industries (KAI) said Wednesday it has received a 180 billion-won ($152 million) deal to supply parts and maintenance services to the T-50 trainer jets operated by the Korean military.
Under the deal signed with the Defense Acquisition Program Administration, the country's sole aircraft manufacturer will provide parts to the T-50 advanced trainer jets, the FA-50 light attack aircraft and the TA-50 lead-in fighter aircraft until July 2025, the company said in a statement.
"The company will mainly supply parts for the T-50 aircraft if the military makes a request for them, together with the maintenance services for the aircraft," a company spokesman said over the phone.
KAI aims to achieve sales of 1 trillion won in the aircraft maintenance, repair and overhaul business by 2030, up from the current 200 billion-won level, the statement said.
KAI has set a goal of 5 trillion won in sales in 2025 helped by growing orders for parts from Airbus and Boeing, the world's two biggest aircraft companies, that are moving back toward pre-pandemic levels, as well as possible exports of the FA-50 trainer jet and the Surion transport utility helicopter.
In the January-September period, sales fell 14 percent to 1.77 trillion won from 2.06 trillion won a year earlier.