MIAMI – Aircraft repair and maintenance firm, Lufthansa Technik Shannon has been acquired by the Atlantic Aviation Group (AAG), also based in Shannon, Ireland.
Lufthansa Technik Shannon Limited (LTSL) warned in a statement that over 180 employees are at risk of being laid off. Despite the fact that the acquisition will save 300 jobs at Lufthansa Technik, the company currently employs 485 workers.
Due to the fallout of the COVID-19 pandemic on the industry, and hence on the airline repair, maintenance, and overhaul business, the MRO had been reviewing its operations.
Employee representatives will be consulted first about the impact on affected employees, but it is expected to affect management, production, administration, and support functions.
Becoming Ireland’s Largest MRO
The Atlantic Aviation Group had previously stated that it would take over the Lufthansa Technik facility in Shannon, securing 300 jobs in the process. The acquisition, it added, will allow it to maintain its growth trajectory and take advantage of opportunities created by the post-pandemic recovery in international aviation.
With the addition of 300 personnel, the group’s workforce will total around 740 people across sites in Shannon and Brize Norton in the United Kingdom.
AAG’s purchase of LTSL’s overhaul facility will make it Ireland’s largest MRO, and the company claims it will put it on course to become one of Europe’s major independent MROs.
Comments from Lufthansa Technik CEO
CEO of Lufthansa Technik Pat Shine said: “The severe impact of the Covid-19 pandemic led to an extensive strategic review of the business to determine its future.
“Every option was explored, the priority being to protect the maximum number of jobs and the specialist experience of the LTSL workforce. The sale of LTSL to AAG, a company that understands our business and has a strategy for growth through acquisition, presented itself as the most viable solution to minimise job losses.”
The Lufthansa Technik group will continue to exist as a leading MRO provider with about 22,000 employees and more than 30 facilities worldwide.
Featured image: Lufthansa Technik Shannon Aviation Training Academy. Photo: Lufthansa Technik. Article source: rte.ie