KAI vows to recruit 700 employees, invest $356 mn this year

Kim Jo-won, chief executive of KAI

South Korea’s sole military aircraft manufacturer Korea Aerospace Industries Ltd. (KAI) said on Monday it would add 700 employees to its payroll and invest 380 billion won ($355.6 million) this year. It is the largest recruitment and capital expenditure plan for the company ever announced since its inception in 1999.

“We plan to recruit more than 700 employees, or 15 percent of the total payroll for the development and production departments to accelerate KF-X fighter jet, light armed helicopter and light civil helicopter programs,” said Kim Jo-won, chief executive of KAI. The company also vowed to invest 380 billion won to finance the development projects, up by almost double from 175.8 billion won a year ago.

Shares of KAI were closed up 5.37 percent at 49,050 won on Monday.

Before the latest announcement, KAI unveiled it plans to generate 2.47 trillion won in sales this year. In 2017, the company’s overall revenue reached 2.39 trillion won. It aims to win 2.68 trillion won new orders, 85 percent of which will come from overseas markets.

“As the company’s order backlog is expected to reach 18 trillion won at the end of this year, we’ll actively venture into overseas markets and new businesses,” said a KAI official.

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