SITA invests in P2F firm

SITA invests in P2F firm Singapore Technologies Aerospace (ST Aerospace) has completed its investment of the additional 20 percent equity interest in Elbe Flugzeugwerke (EFW). The investment was completed following the receipt of regulatory approvals and fulfilment of customary conditions precedent. Following this completion, EFW becomes a subsidiary of ST Aerospace, with the latter owning 55 per cent of the shareholding and Airbus Defence and Space (Airbus) holding the remaining 45 per cent. The additional investment saw the launch of the collaboration in June 2015, between Airbus, EFW and ST Aerospace for the A320/A321P2F passenger-to-freighter (P2F) conversion programmes. This follows a similar collaboration for the A330P2F conversion programmes, which was launched in 2013. EFW, based in Dresden (Germany) has a current staff rota of over 1,000 and annual revenues of over 200 million euros. Apart from being the exclusive supplier for composite flat panels to Airbus for all Airbus aircraft, the company will serve as ST Aerospace’s centre for P2F conversions, aircraft maintenance, repair and overhaul (MRO), as well as engineering services in Europe, leveraging ST Aerospace’s global network, track record and expertise in aircraft MRO and engineering.