Korea aerospace to double sales
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Korean Aerospace Industries Ltd, South Korea’s largest plane-maker, aims to double sales by 2011 by winning more non-government contracts.
Annual sales are projected to increase to KRW 1.83 trillion (US$1.4 billion) by 2011 from KRW 910 billion last year, according to a Bloomberg report.
Non-government sales will rise to 55 % of the total compared with 38 percent last year.
Korea Aerospace, which builds military training jets, also plans an initial public offering in 2011 and aims to develop 90- and 70-seat regional passenger planes through an international venture to cut its dependence on defense sales. The company, also known as KAI, now makes wing parts for Airbus SAS and Boeing Co., the world’s biggest commercial plane-makers.
“We may form a consortium with world’s no. 1 or no. 2 aircraft maker for this project,” KAI said. Korea Aerospace and the South Korean government plan to complete a feasibility study by the end of June, the company said.
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