28 June 2004
SR Technics acquires FLS Aerospace
Today, SR Technics announced the completion of
acquisition of FLS Aero space, from Danish conglomerate, FLS Industries.
The acquisition, supported by SR Technics' investors 3i group and
STAR Capital makes SR Technics the world's largest, independent
Total Solutions Provider of technical aircraft, component and engine
services with a combined turnover of $1.2 billion USD. The group
will have approximately 5,300 employees worldwide largely spread
between Switzerland, Ireland and the UK.
The combined forces of two of Europe's leading providers see the
Company now emerge as the world's major independent supplier of
technical solutions to the aviation industry. SR Technics has both
the technical knowledge and financial security to offer airline
partners full support including asset management, which removes
the need for heavy airline investment in the resources and assets
for the technical operation of a successful, cost-efficient, quality
The existing main investors 3i and STAR Capital support the acquisition
of FLS Aerospace by SR Technics. Commenting on the deal, Frank Turner,
Chairman, SR Technics said "In addition to the investment which
facilitated this acquisition, the experience and support network
of our main investors 3i and STAR Capital where of great benefit
in making this deal a reality. The financial strength and commitment
of our inventors allows us to expand our total solutions concept
on a global scale."
Burkhard Brinkmann, Investment Director at 3i,
believes that the outlook is very positive for the SR Technics.
"Since first investing in SR Technics, the development of the
group has demonstrated that today's airline industry wants global
full service providers which allow the airlines to concentrate on
their core business. SR Technics is leading this development and
we are committed to supporting the future development of SR Technics
in this way".
SR Technics is well positioned to capture additional share as Hans
Ulrich Beyeler, President & CEO, SR Technics explains. "FLS
Aerospace brings a wide range of both Boeing and additional Airbus
capability to the SR Technics portfolio. FLS Aerospace also has
a strong European customer base, which will greatly enhance SR Technics'
existing European presence. This strong foothold in Europe, in addition
to SR Technics' market presence in Asia Pacific, will enable us
to attract airlines interested in working with a party capable of
providing total solutions.""