SR Technics, a leading provider of MRO solutions for aircraft, engines, components, engineering and training, has announced it has secured a CHF120 million (US$127 million) additional credit line from its existing consortium of banks, supported by 60% surety by the Swiss Confederation.
Having posted results that exceeded expectations for Q1 2020, growth collapsed in April as a consequence of the COVID-19 pandemic, so the company immediately adopted cash-preserving measures. With this additional line of credit, SR Technics has now chosen to review the wide array of services available and, as a result, will focus on engine services and line maintenance.
According to SR Technics, this main business will be complemented with a range of additional services provided by independent subsidiaries, ensuring a stronger and sustainable company ready to support its customers. By the end of 2020 the company also expects to have ceased the provision of design engineering solutions and will have restructured its flight-hour-based component services, progressively reducing it, while concentrating more on component repairs and trading activities.
“In this competitive and dynamic MRO market, this repositioning of SR Technics as a Swiss quality brand with highly skilled employees is a necessary step to ensure long-term sustainability and to provide added value to our customers, focusing on engine services and line maintenance,” said Jean-Marc Lenz, Chief Executive Officer, SR Technics.
