March 27, 1998 in Social Responsibility News

SAMSUNG Aerospace is to Exclusively Supply Wing Structures for Boeing's Newest Aircraft

SEOUL, Korea - March 27, 1998 - Samsung Aerospace Industries (President Lee Hae-Kyu) announced today that it has agreed with U.S. Boeing Co. to exclusively supply wing structure for Boeing's newest aircraft up to the year 2006.
The wing structures will be used in the newest Boeing 767 series, the 400ER, which will make its debut next year. The wing structures serve as vital components in the aircraft. The company will supply parts worth US$13 million from October of this year till 2001.

In addition, Samsung and Boeing have tentatively agreed that Samsung will supply a further US$3 million worth of parts each year to 2006.

Samsung Aerospace said that it is unusual for a foreign company to exclusively supply key components to an aircraft company, adding that the agreement signifies that Samsung's technological know-how has been recognized by its counterpart.

The company supplied wing structures for the B767-300 and body structures for the B757 series. Boeing's confidence in the performance of the supplied components played a big role in Samsung winning the contract.

Samsung sees the contract having a positive effect on additional orders by large aircraft companies including Boeing and Airbus industries. It said it has increased this year's order target by 15% and will further focus on sales and marketing activities.

Samsung Aerospace Industries, Ltd., a US$1.63 billion unit of the US$93 billion Samsung Group ('96), is a leader in aerospace and opto-electronics. Established in 1977 to overhaul and assemble aircraft engines, Samsung Aerospace employs today over 8,500 people and is the only company in Korea capable of producing a wide range of different aircraft.
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