Estonian provider Magnetic MRO has formed a joint venture with US firm Crestline Investors to “invest in aviation assets,” reads the company’s press release. The new venture, to be known as Magnetic Parts Trading Limited, will focus on purchasing aircraft and engines, parting them out and selling as individual components.
The JV will start with the most popular narrowbodies of the Boeing 737 and Airbus A320 families and associated engines. It expects to begin acquiring phased-out airframes in the third quarter of this year.
“Strategically this is a huge step for Magnetic MRO. It will secure us a niche in the aviation asset management segment, which is yet another way to stand out from the other regional MRO providers,” said Jonas Butautis, chairman at the Estonian company.
The provider is constantly expanding its aircraft maintenance capabilities. In early 2017 it won a contract to service wheels on the Bombardier CSeries CS300 airliners of the type’s launch operator airBaltic. The company also regularly opens new maintenance outstations. A cabin interior testing center was inaugurated earlier.
In March this year, a source in the company told Russian Aviation Insider that asset management was becoming a key priority along with engine line maintenance and engine repairs with the use of the Top Case technique.
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