Dubai Aerospace Enterprise (DAE), a Dubai-based aerospace manufacturing and service firm, announced on Thursday it has completed its acquisition of two U.S. aviation service providers, Emirates News Agency reported.
Through the acquisition of Standard Aero and Landmark Aviation, valued at 1.9 billion U.S. dollars, DAE brings two of the world's leading maintenance, repair and overhaul (MRO) providers into its engineering subsidiary, the report said.
"The acquisition of Standard Aero and Landmark Aviation provides a critical platform for DAE to take advantage of growth opportunities in the MRO business around the world," the company's CEO Bob Johnson was quoted as saying.
The combination of Standard Aero and Landmark Aviation will create a global aviation service network of 12 primary facilities in the United States, Canada, Europe, Singapore and Australia with an additional 14 regionally located service and support locations.
Standard Aero provides gas turbine engine and accessory MRO and engineering services to regional airlines, military, business aviation, helicopters and industrial operators located in over 75 countries.
Landmark Aviation offers nose-to-tail services that include engine, airframe, avionics, interior refurbishments and paint for mid- to heavy- aircraft. It also operates Associated Air Center, a completion center that produces luxury interiors for aircraft manufactured by Boeing and Airbus.
DAE's acquisition of Standard Aero and Landmark Aviation "is a significant step forward in our strategy which reinforces the progress that DAE has achieved so far, and for sure it will not be the last one," the company's managing director Omar Bin Sulaiman said.
Established in February 2006, DAE has formed six core divisions spanning research and development, manufacturing, engineering, operations, maintenance, repair and overhaul, aircraft leasing and aerospace services.
Source: Xinhua
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