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Hanwha Aerospace Ends KRW455 Billion Supply Contract with UK's Vertical Aerospace

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Hanwha Aerospace (KRX:012450) said it terminated a 454.8 billion won contract with U.K.-based Vertical Aerospace, according to a Tuesday filing with the Korea Exchange.

The contract, signed in August 2022, involved the development and supply of electromechanical actuators, tilting systems and blade pitch systems for Vertical Aerospace's VX4 aircraft.

The South Korean aerospace company said the decision was made by mutual agreement following changes in market conditions and business direction relative to the project's original objectives.

Hanwha said the companies simultaneously signed a memorandum of understanding to maintain their cooperative relationship and lay the groundwork for future collaboration on similar projects.

Shares of Hanwha Aerospace jumped over 10% in recent trade.

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