Airbus has closed the sale of its Vector Aerospace maintenance, repair and overhaul (MRO) unit to StandardAero for an undisclosed sum.
The development is a result of an agreement signed between the two companies in July.
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The newly acquired company will operate under the brand name of StandardAero and employ more than 6,000 people in 42 locations across five continents.
It is also expected to generate annual revenues of around $3bn.
Vector Aerospace employs around 2,200 people in 22 locations across Canada, the US, the UK, France, Kenya, South Africa, Australia and Singapore. It generated more than $700m in revenues last year.
StandardAero CEO Russell Ford said: “Our combined organisations are better positioned to provide the industry with more global services, expanded MRO capabilities and operational benefits to deliver faster, higher quality solutions to our combined customers worldwide.”
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By GlobalDataThe company currently provides a number of services, including engine and airframe MRO, engine component repair, engineering services, interior completions and paint applications.
StandardAero caters to various customers operating in the business and general aviation, as well as airline, military, helicopter, components and energy markets.
In 2015, StandardAero was bought by US-based equity firm Veritas Capital.
With a global workforce of 134,000 employees, Airbus generated €67bn of revenues last year.
