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Korea Aerospace Industries Sacheon headquarters view (photo = KAI) |
[Alpha Biz= Reporter Kim Jisun] Korea Aerospace Industries (KAI) announced on the 7th that it has signed an agreement to acquire management control of Genoco, a company specializing in satellite communication payloads and aerospace and defense electronics.
Founded in 2004, Genoco has grown into a key player in Korea's aerospace and defense technology sector, developing satellite testing equipment, ground station installations, and essential parts for space and defense industries. In 2022, it was recognized as an innovative defense company in the satellite communication field.
KAI has acquired 50% of the shares held by Genoco’s CEO, Yoo Tae-sam, as well as 100% of shares from the second-largest shareholder. Through a third-party share issuance, KAI now holds approximately 37.95% of Genoco, becoming its largest shareholder. KAI plans to directly participate in management alongside CEO Yoo.
KAI and Genoco have a long-standing partnership in various sectors, including fixed-wing and rotary aircraft, drones, and satellites. Their collaboration began in 2012 when Genoco participated in a project to develop a jammer for the FA-50, subsequently expanding to include avionics components for projects like the KF-21, LAH, and UAVs.
KAI intends to strengthen its collaboration with Genoco on domestic development of satellite communication and avionics components and to grow Genoco into a core subsidiary.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
