Tungsram sets up aircraft engine parts repair unit
Hungarian lighting company Tungsram on Tuesday announced the establishment of a unit to repair aircraft engine parts, according to a report by state news wire MTI.
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.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.