SIA Engineering entered a deal to acquire 75 percent of SR Technics Malaysia from SR Technics Switzerland for US$3.75 million to form a joint venture for component maintenance, repair and overhaul (MRO), the aircraft maintenance player said in a filing to SGX Wednesday.
SR Technics Switzerland will hold the remainder of SR Technics Malaysia, the filing said.
Ng Chin Hwee, CEO of SIA Engineering, said the joint venture was a “significant step” in the company’s plan to expand the component repair and overhaul services network under its component services division.
Earlier this month, SIA Engineering said it formed the component services division (CSD) as a new business unit to focus on the component MRO business and increase the range of offerings as the company prepares for demand growth.
All existing component repair and fleet management services, including inventory technical management services, will be consolidated under CSD, SIA Engineering had said at the time.
SIA Engineering provides aircraft maintenance, repair and overhaul (MRO) services in the Asia-Pacific region. The company provides line maintenance services at more than 25 airports across seven countries, and offers airframe and component services on commercial aircraft.