Hanwha Techwin and General Electric (GE) Sign an Industrial Internet MOU

  • Hanwha Techwin will collaborate with GE Digital to achieve Hanwa Techwin's digital innovation initiative

Hanwha Techwin CEO Shin Hyun-woo (left), GE Vice Chairman John Rice (center) and GE Korea President Kang Seong-wook (right) after signing a business MOU on October 12th at The PLAZA Hotel in Seoul

[October 12, 2016] Hanwha Techwin's Aerospace & Defense Business Group CEO Shin Hyun-Woo announced on October 12th that the company signed an MOU with General Electric's Digital business. The ceremony was attended by Vice Chairman of GE John Rice, Hanwha Techwin CEO Shin Hyun-Woo, President of GE Korea Kang Seong-wook, and other company officials.

With the signing of this MOU, the two companies agreed to mutually discuss and cooperate on the deployment of GE's Industrial Internet solution for Hanwha Techwin's products and production facilities.

GE Digital provides a wide range of solutions with its Predix-based applications built on top of its industrial Internet platform. Predix-based applications allow you to connect to your assets, collect data, analyze data and gain real-time visibility with which you can improve operational efficiency, cut costs and develop service business models.

· Industrial Internet
  • This is a term coined by GE that, simply put, makes machines smart through advanced computing, sensors, remote network infrastructure and big data analytics.
· Predix
  • This is a platform that powers the Industrial Internet. It is designed to allow the building and deploying of industrial-grade apps faster and scale to optimize and manage assets, processes and services. Predix connects machines to intelligence to people.

Hanwha Techwin plans to incorporate GE's Predix applications – Asset Performance Management and Brilliant Factory solutions to digitize its assets, and jointly develop with GE new business models that integrate product with service.

During the event, President Kang of GE Korea said, "The 4th Industrial Revolution has made clients expect not only the best products but also innovative solutions that can cut costs and produce business results by boosting productivity." He added, "GE's Industrial Internet solution will support Hanwha Techwin's digital innovation initiative."

Hanwha Techwin's CEO Shin stated that the company is "expanding the scope of cooperation with GE by building on the strong relationship of trust forged during a long history of partnership between the two companies," and "the latest business collaboration with GE for Industrial Internet implementation will enable us to further strengthen our manufacturing, product competitiveness and develop new business models."

Hanwha Techwin has long maintained a business partnership with GE on many projects, including the GEnX engine RSP, LM2500 engine LPT module production, and the KFX engine development project.

GE Company Overview

The General Electric Company was founded in 1892; the company has approximately 333,000 employees and posted revenues of $117.4 billion at the end of 2015.

GE's major businesses include digital, energy, aviation and healthcare. GE is regarded as one of the world's top three aviation engine companies alongside the United States' Pratt & Whitney and Britain's Rolls Royce. These aviation engine companies manufacture civilian aircraft engines, military and industrial gas turbines, and marine turbine engines.

Hanwha Group

Hanwha Group, founded in 1952, is one of the Top-Ten business enterprises in South Korea and a “FORTUNE Global 500” company. Hanwha Group has more than 85 domestic affiliates and over 380 global networks in three major sectors: manufacturing and construction, finance, and services and leisure. With more than 65 years track record of industrial leadership, Hanwha’s manufacturing and construction businesses encompass a broad range of fields from chemicals & materials, aerospace & mechatronics, total solar energy solutions, and global construction. The finance network, covering insurance, asset management and securities, is the second largest non-bank financial group in South Korea. The services and leisure sector offers premium lifestyle services with retail and resort businesses.

For more information, visit: www.hanwha.com

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