Hanwha Aerospace Co. said Sunday it aims to generate 2.9 trillion won ($2.08 billion) in sales from the global aviation engine components business by 2032, with a target to secure capabilities for developing its own engine technologies for fighter jets.

"Hanwha Aerospace has been actively promoting its global engine parts business, with Hanwha Aerospace USA (HAU) playing a key role," said Park Myong-hwan, chief financial officer at HAU.

"We aim to achieve 2.9 trillion won in sales by 2032 through specialized strategies at each site, including Connecticut, where major customers are located; Hanoi in Vietnam, where costs are competitive; and Changwon in Korea, where technology has been internalized through 45 years of production experience."

Hanwha Group, South Korea's seventh-biggest conglomerate with businesses spanning insurance, energy, shipbuilding and defense, acquired US aviation engine parts producer EDAC Technologies in 2019, establishing HAU, to enter the US market.

It was part of a strategic move to integrate Hanwha into Connecticut's robust aerospace sector, dubbed "Aerospace Alley."

"There's also a lot of other suppliers here. So there's a lot of other handlers in this area, dozens and dozens of other companies," Nathan Minami, general manager of HAU, told Korean media. "So this really is a nucleus for the aerospace business."

Connecticut's aerospace industry, home to major companies like Pratt & Whitney and Lockheed Martin subsidiary Sikorsky Aircraft, generates $6.6 billion in annual sales and provides 15,500 jobs.

Hanwha Aerospace's entry into this market has allowed it to join the supply chain of nearly 130 local aerospace parts companies, forging closer ties with key customers, such as Pratt & Whitney and GE.

HAU manufactures essential static and rotating aircraft engine components, including containment cases, integrated blade rotors, hubs and turbine disks for Pratt & Whitney's engines like PW1100Gs and PW1500Gs for Airbus aircraft.

The company posted a record 252.1 billion won in sales in 2023, up 20 percent from 2019, when HAU was launched.

Additionally, HAU is responsible for producing engine parts for fighter jets in both South Korea and the United States, which require advanced technologies and are linked to security issues.

"If you look at any military aircraft flying in the air, whether it's the Republic of Korea's F-15, F-16 or F-35, and the US versions, F-22 and tanker C-17, there are parts in those aircraft that were made here, Hanwha Aerospace USA," said Minami from HAU.

Hanwha Aerospace, which has manufactured more than 10,000 aircraft engines over the past 45 years, recently participated in South Korea's KF-21 fighter jet development project to produce the GE F414 engine under license.

This marks a significant step as the company focuses on the defense and space sectors and aims to develop its own indigenous engine for military aircraft.

"Here in Connecticut, we have wider opportunities for aerospace businesses, from customers to a research center," said Park from HAU. "At this point, HAU can contribute to our goal of building our own military engine. We can do everything here, from design, procurement, development and manufacturing."