HNA BUYS 60% OF A TURKISH MRO FIRM
Author: Source:Haikou Foreign and Overseas Chinese Affairs Office
HNA Group Company Ltd, a diversified service provider, has acquired a majority stake in a Turkish maintenance, repair and overhaul (MRO) company to facilitate penetration of aviation networks in Europe, Asia and North Africa by China's fourth-largest airline.
HNA's MRO division, Grand China Aviation Technik Ltd Co (GCA Technik), has taken a 60 percent stake of the company, a top manager told China Daily on Monday, in an agreement along with Bravia Capital, an advisory, structured a financing and investment company that focuses on transportation projects in Europe and Asia.
Founded in 2010, GCA Technik's more than 2,400 employees have maintained, repaired or overhauled more than 200 aircraft. The company has regional centers in Haikou, Beijing and Xi'an as well as bases in Taiyuan, Urumqi and Guangzhou. The purchase is the company's first overseas acquisition.
The move echoes a recovering MRO market globally and within China. According to an Aerostrategy forecast, global growth of the MRO market between 2004 and 2014 has been 5.6 percent, with the Asia-Pacific region increasing the fastest at 7.4 percent, Europe at 5.8 percent and North America at 4.3 percent.