Lufthansa Technik plans to continue to expand, expects 2010 to be a difficult year
Lufthansa Technik CEO, August Henningsen, stated the company is currently investing in Germany while expanding involvement in international growth markets, including sites in Eastern Europe, Asia, the Middle East and America (AINonline, 24-Mar-2010). Mr Henningsen stated MRO companies cannot expect conditions to improve, despite the airline industry expecting some recovery from the global financial downturn this year. As a result, Mr Henningsen stated the company would find it difficult to achieve similar financial results to last year.
Lufthansa Technik: “After the crisis year of 2009, the aviation industry is anticipating the beginning of a recovery, but technical service providers cannot expect price pressure to recede. The MRO sector is a late indicator and will continue to feel intensified price pressure arising from the difficult revenue situation in which the airlines find themselves. It is also clear that we want to–and must–contribute to reducing the technical costs of our customers. But we must not allow this to take place at the [expense] of quality. Despite more cost-efficient locations, programs to increase energy efficiency and flexibility, and a modern product portfolio, it will nevertheless be difficult to repeat 2009’s turnover and profit level this year,” August Henningsen, CEO. Source: AINonline, 24-Mar-2010.