Korea Aerospace Industries said on November 7 it held a completion ceremony for its new plant in Sancheong, South Gyeongsang Province. The Sancheong plant is a dedicated facility to produce the wing parts for Airbus A320 aircraft. Begun construction in October 2012, the 97.2-billion-won factory was completed in August this year and has since been undergoing pilot operation.

KAI president Ha Sung-yong said in a commemorative speech, "In October this year our company announced a long-term growth vision and set the target sales revenue by 2020 at 10 trillion won. The Sancheong plant is an important piece of this strategy as it will be able to achieve a 1.4-trillion-won sales revenue by 2025 following supply of wing panels for 40 A320 airplanes from 2015."

 

Earlier in March this year, Korea Aerospace Industries had signed an agreement with Airbus to supply lower wing panels for A320's worth $1.2 billion. Under the terms of the contract, the Korean company will supply the wing parts for 500 airplanes a year for 12 years between 2014 and 2025.