By Simon Zekaria - 14th April 2004
EU competition authorities have approved Swiss aircraft giant SR Technics’s €50 million purchase of ailing rival FLS Aerospace.
The deal will create the world’s largest independent aviation maintenance and repair company under the name SR Technics Group with an annual revenue of €800 million.
“The market investigation [..] confirmed the highly competitive nature of the [..] markets with multiple larger and capable players, such as Air France Industries, Lufthansa Technik, Sabena Technics, EADS Sogerma and Iberia,” said the European Commission on Thursday.
FLS Aerospace, from the Danish conglomerate holding company FLS Industries, specialise in aircraft maintenance and repair - with operations centred in the United Kingdom and Ireland.
It maintains planes for several leading airlines, including British Airways, Easyjet, Ryanair and BMI Baby.
The move also sees SR Technics venture into the maintenance of Boeing aircraft, in addition to its support of Airbus air carriers.
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