South Korean conglomerate Hanwha has launched Hanwha Aviation, its first foray into the engine leasing business. 

The leasing unit, which have operations in Singapore, Ireland and the USA, hopes to tap into parent Hanwha’s “extensive experience and expertise in the manufacturing and MRO of aero- engines”. 

A320neo Leap-1A-c-Airbus

Source: Airbus

The company’s immediate priorities are to build up its portfolio of narrowbody engines and aircraft. It aims to have over 1,000 assets over the next 10 years. 

Jeff Lewis, Hanwha Aviation’s Singapore-based CEO, says: “Leveraging our vertically integrated approach, we will maintain a full range of engine leasing solutions tailored to our customers’ requirements designed to reduce the financial impact on their operation.” 

Hanwha adds: “With the backing of Hanwha, a global top company, this new platform has the financial power to execute both single-asset and large fleet transactions, while minimising the execution risk to our leasing customers and trading partners.” 

Hanwha Aerospace is a revenue partner in Pratt & Whitney’s geared-turbofan programme, and is also a supplier to GE Aerospace and Rolls-Royce programmes.