18-Feb-2016 8:48 AM
Airbus and SIAEC to establish joint venture in Singapore
Airbus and SIA Engineering Company (SIAEC) signed (17-Feb-2016) an agreement to form a JV, based in Singapore, to provide airframe maintenance, cabin upgrade and modification services for Airbus widebody aircraft, focused on the A380, A350 and A330, to airlines in the Asia Pacific. The partners intend to leverage SIAEC's extensive maintenance experience and expertise with Airbus' depth of technical and engineering knowledge. Further details:
- SIAEC will hold a 65% equity stake in the joint venture, with Airbus holding the remaining 35%;
- The JV will lease two hangar bays from SIAEC for its operations, with plans to add another two hangar bays over the next six years;
- The JV is SIAEC's first collaboration with a major aircraft manufacturer for airframe maintenance;
- The agreement is subject to regulatory approvals being obtained in the relevant jurisdictions. [more - original PR]