Lufthansa Technik, the aircraft maintenance subsidiary of German airline Lufthansa, has revealed its new growth program targeting significant expansion of its core business internationally and confirming it will remain under the sole ownership of its parent company.
The “Ambition 2030” plan will primarily be driven by growth in the company’s technical support business for engines and aircraft components according to Lufthansa, with the USA also targeted as a region of expansion for the components business.
Lufthansa Technik CEO Sören Stark said: “Lufthansa Technik should continue to be the determining factor in our very dynamic industry in the future.
“We have very ambitious goals for the coming years: We will invest in the expansion of our services as well as in the digitalization of our business and the expansion of our international presence.”
In addition to international growth, the Ambition 2030 plan will also include a significant advancement of the company’s work with the German Armed Forces providing technical support and military outfitting of aircraft.
While the company’s announcement focussed on future expansion, Lufthansa Technik also marked its recent success and said it was expecting to surpass €6bn in revenue for the first time since the pandemic and believed 2023 would be its “second record year in a row.”
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Though the Ambition 2030 plan focuses on the maintenance subsidiary, Lufthansa Technik’s parent company has also been targeting expansion plans recently with reports that the airline group has sought approval from the EU’s antitrust body to buy a controlling minority stake in Italian flag carrier ITA Airways.
The Lufthansa group is also working on the launch of its new City Airlines subsidiary which is expected to begin operations in the middle of 2024 with flights from hubs in Munich and Frankfurt.
Lufthansa Technik has also said that it could utilise acquisitions as part of its growth plans alongside the “rapid construction” of a new European facility to meet expected high demand in the coming years.
Dr Detlef Kayser, chairman of the supervisory board of Lufthansa Technik, said the announcement showcased the big plans for the company, he added: “As the first address for airlines from all over the world and an attractive employer for many thousands of people, Lufthansa Technik will continue to be an integral part of the Lufthansa Group’s economic success in the future.”