On the 30th, Korean Air announced that it has signed an agreement with LS ELECTRIC at the Busan BEXCO International Maritime Defense Industry Exhibition (MADEX) to enhance aerospace and defense industry technology.

Korean Air signs an agreement with LS ELECTRIC on the advancement of aerospace and defense industry technology on the 30th. Lim Jin-kyu (left), head of Korean Air’s Aerospace Division, and Lee Sang-jun (right), Chief Operating Officer of LS ELECTRIC Automation CIC, pose for a commemorative photo./Courtesy of Korean Air

Through this agreement, Korean Air and LS ELECTRIC will establish a mutual cooperation system utilizing human and material resources and information, while also expanding synergies in related business fields. The scope of cooperation includes building smart factories in the aerospace manufacturing industry, optimizing logistics systems for the aerospace manufacturing industry, and enhancing next-generation aircraft manufacturing and production capabilities.

LS and Hanjin Group are currently forming an alliance. LS has established a stock alliance by transferring its shares to Hanjin Group, which owns Korean Air, thereby restoring voting rights. On the 16th, Korean Air purchased 65 billion won worth of exchangeable bonds (EB) issued by LS.