Airbus sells Vector Aerospace to StandardAero
This news follows shortly after the announcement that StandardAero decided to cease operations of its widebody cabin completions center, Associated Air Center, and further focus on its core business, maintenance, repair and overhaul.
Vector Aerospace generated revenues of over $700 million in 2016 and employs approximately 2,200 people in 22 locations across Canada, the US, the UK, France, Kenya, South Africa, Australia and Singapore.
According to an Airbus statement, the newly combined company, which will maintain the name of StandardAero, has more than 6,000 employees in 42 locations across five continents, with annual revenues of approximately $3 billion.
“We are excited to join forces with the Vector team in becoming one of the largest MRO companies in the world,” said StandardAero CEO Russell Ford. “Our combined organizations are better positioned to provide the industry with more global services, expanded MRO capabilities and operational benefits to deliver faster, higher quality solutions to our combined customers worldwide. We look forward to joining together with the Vector leadership and employees as we begin to integrate our two organizations.”