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SR Technics acquires FLS Aerospace

28 June 2004

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.

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".

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