$60 million deal for Danish company will create world's biggest independent maintenance and repair organisation
SR Technics expects to complete its acquisition of maintenance provider FLS Aerospace by the end of June, once outstanding financial issues are settled.
The deal will create the world's largest independent maintenance and repair organisation (MRO), with annual sales exceeding $1 billion, and the 10th largest MRO provider overall. Plans revealed in February by the company's chief executive Hans Ulrich Beyeler include expansion through acquisitions in Asia and provision of extra facilities to satisfy customers wanting more services at their hubs. Beyeler will act as president and chief executive of the new SR Technics Group. His job has been taken by Tim Talaat, who took over as chief executive of SR Technics Switzerland on 1 June.
Under the terms of the deal, SR Technics will buy FLS Aerospace, owned by Danish conglomerate FLS Industries, for DKr350 million ($60 million) and will take over DKr611 million in pension commitments. FLS Aerospace will bring its facilities in Dublin and London Stansted and its line maintenance facilities in Europe and the Caribbean to the Zurich-based SR Technics operation, adding 50% to its revenue. SR Technics' principal business had involved Airbuses and Boeing MD-80s, with about 40% of its turnover coming from troubled Swissair successor Swiss International Air Lines.
The deal was approved by the European Commission in April, which found there were no competition issues.
Source: Flight International
