The global Total Technical Care maintenance and asset management organisation, Magnetic MRO, together with existing shareholders, including majority shareholder BaltCap, have agreed to sell 100% of shares in Magnetic MRO to Guangzhou Hangxin Aviation Technology (Hangxin.)
According to Magnetic MRO CEO Risto Mäeots, “Magnetic MRO management has been actively looking for opportunities to expand into Asia, the highest growth market in aviation. Hangxin, with its existing geographical presence and service portfolio, is complementary to Magnetic MRO, creating substantial synergies and new business opportunities.”
Mäeots added: “We are very pleased to welcome Magnetic MRO to the Hangxin team. Magnetic MRO and its team have developed a high quality, reliable, customer-focused MRO business,” said Mr. Lv Haibo, the Vice President of Hangxin. “We fully support the existing strategy and executive management team, and will support Magnetic MRO's focus on continuing to deliver value to its existing customers, and expanding its global MRO presence.”
During the past five years, Magnetic MRO has expanded from a labor-intensive maintenance facility into a technologically advanced, innovative, know-how and capital-driven service and asset management organization. The company has grown by launching new business units, opening new facilities and securing numerous long-term agreements with major carriers. Magnetic MRO sales increased exponentially in 2010-2017 and is anticipated to continue to grow at the same rate over the forthcoming years.
Hangxin was founded in 1994, providing technical solutions in the field of aircraft engineering and safety to the Chinese aviation industry. The company currently serves over 50 airlines in Asia, the Middle East, Europe and North America.
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Magnetic MRO expands into Asia with share sale to Guangzhou Hangxin Aviation Technology
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