At a glance
- Company
- SIA Engineering Company Limited (SIAEC)
- Announcement
- Partnership
- Location
- Singapore
Key figures
- Agreement term
- 12-year
People
- Bernd RiggersSenior Vice President Component Services, SIA Engineering Company
- Sisira Kanta DashChief Technical Officer, Air India Group
- Chin Yau SengChief Executive Officer, SIA Engineering Company
- Campbell WilsonChief Executive Officer and Managing Director, Air India
Products and programs
SINGAPORE, February 21, 2024 -- Mr Bernd Riggers, Senior Vice President Component Services of SIA Engineering Company (left) and Mr Sisira Kanta Dash, Chief Technical Officer of Air India Group (right) at the agreement signing event at the Singapore Airshow.
Mainboard-listed SIA Engineering Company Limited (“SIAEC”) is pleased to announce the signing of an Inventory Technical Management (“ITM”) agreement with Air India Group.
Under this 12-year agreement, SIAEC will provide extensive component support coverage for Air India Group’s current fleet of Airbus A320 family aircraft. Besides access to its inventory pool, SIAEC (together with its subsidiaries and joint venture companies with Original Equipment Manufacturers) will also provide repair and overhaul services for airframe and onwing engine components.
Mr Chin Yau Seng, Chief Executive Officer of SIAEC, said: “We are honoured to be selected as Air India Group’s component service partner, and appreciative of their confidence in our ITM programme. Our Airbus A320 ITM programme will support Air India Group’s commitment to delivering world class service. Together with our network of component shops and joint venture companies, we are confident in providing high quality and reliable component services to Air India Group”.
Mr Campbell Wilson, Chief Executive Officer and Managing Director, Air India, said: “We are delighted to have SIAEC as our partner. The collaboration will further bolster our repair and maintenance competencies for the Airbus A320 family of aircraft and enhance our reliability and availability of components for aircraft operations.”
The transaction is not expected to have a material impact on the net tangible assets per share or the earnings per share of the SIAEC Group for the financial year ending 31 March 2024. None of the Directors and controlling shareholders of SIAEC has any interest, direct or indirect, in the transaction, other than through their shareholdings (if any) in SIAEC
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About SIA Engineering Company
(Company Registration No. 198201025C)
www.siaec.com.sg
SIA Engineering Company (SIAEC) is a major provider of aircraft maintenance, repair and overhaul (MRO) services in Asia-Pacific. SIAEC has a client base of more than 80 international carriers and aerospace equipment manufacturers. It provides line maintenance services at more than 35 airports in 8 countries, as well as airframe, engine and component services on some of the most advanced and widely used commercial aircraft in the world.
The 23 subsidiaries and joint ventures with original equipment manufacturers and strategic partners in Singapore, Hong Kong, Indonesia, Japan, Malaysia, Philippines, the United States of America and Vietnam increase the depth and breadth of the Company’s service offerings. SIAEC has approvals from 29 national aviation regulatory authorities to provide MRO services for aircraft registered in the United States of America, Europe, China and other countries.
For more information, please contact:
Ms Tan May Lyn
Manager Corporate
SIA Engineering Company Limited
Tel: +65 6548 1157
E-mail: [email protected]
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Questions around this news
What is an Inventory Technical Management agreement?
An Inventory Technical Management agreement arranges support for aircraft components, including access to a supply of replacement parts and services to repair or overhaul components. Such arrangements can help an operator manage component availability for its aircraft. The specific services and terms depend on the agreement between the provider and the airline.
What are aircraft component repair and overhaul services?
Component repair involves diagnosing and fixing a part so it can return to service. Overhaul is a more extensive process that typically includes disassembly, inspection, repair or replacement of worn items, and testing before the component is returned. Aviation maintenance work must follow applicable technical requirements and regulatory approvals.
What financial impact did SIAEC expect from the transaction?
The release states that the transaction was not expected to have a material impact on SIAEC Group’s net tangible assets per share or earnings per share for the financial year ending March 31, 2024. It also says that SIAEC directors and controlling shareholders had no direct or indirect interest in the transaction apart from any interests through their shareholdings.
