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 airline.

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.""