Atlantic Aviation Group (AAG) has announced its acquisition of Lufthansa Technic Shannon from its parent company, Lufthansa Technic (AG). Both companies are located in Shannon, County Clare, Ireland. Integration will take place over the next few months with the intention of a successful integration by early 2022.
Under the terms of the deal, roughly 300 Lufthansa Technik Shannon employees will join AAG, bringing AAG's total combined workforce to approximately 740 people between its sites in Shannon and Brize Norton in the U.K. In February, AAG announced the acquisition of Flybe's former aviation maintenance services operations at Brize Norton in Oxfordshire, England. However, it is anticipated that up to 180 employees at Lufthansa Technic Shannon will likely be facing redundancy.
Commenting on the transaction, the CEO of Lufthansa Technik, Pat Shine, said: “The severe impact of the Covid-19 pandemic led to an extensive strategic review of the business to determine its future. Every option was explored, the priority being to protect the maximum number of jobs and the specialist experience of the LTSL workforce. The sale of LTSL to AAG, a company that understands our business and has a strategy for growth through acquisition, presented itself as the most viable solution to minimize job losses.”
The purchase by AAG will make the combined resources the largest MRO in Ireland, and it says it will put the business on track to become one of the largest independent MROs in Europe. Commenting on the announcement, AAG Chief Executive Shane O'Neill, said: “Through the acquisition of Lufthansa Technik Shannon, we will be able to service more customer fleets and offer A320 and B787 aircraft maintenance solutions. We see the expertise and experience of the LTSL team as being a hugely positive addition to our own expertise.”
