The unit, called Tungsram Aero Space Power, was set up with start-up capital of HUF 2bn by Tungsram chairman-CEO Jörg Bauer and Xanga group owner István Herdon.
The new company will target the MRO (maintenance, repair and overhaul) market from Tungsram's base in Kisvárda with a staff of 125.
The business already counts GE Aviation, GE Power, and GE Renewable among its partners. It also has the only plant in the region that has EASA and FAA certification from both the European and U.S. aviation authorities, respectively. Tungsram Aero Space Power is working to acquire CAAC certification from the Chinese aviation authority.
Bauer said Tungsram Aero Space Power was set up as an independent business within the Tungsram group to give it greater freedom to define its strategy and manage financing. Xanga group member WEX TASP SHARE was brought in as a strategic and financial investor to support further growth, he added.
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