Tue, Mar 14, 2006
Thielert: “As An Established Brand, Superior Air Parts
Will Be A Key Cornerstone Of Our US Presence.”
Thielert AG is taking
over the PMA and aircraft engine manufacturer Superior Air Parts,
Inc. (SAP) based in Coppell near Dallas in Texas, USA. SAP is the
world’s leading producer of engine spare parts for small
aircraft used for general aviation purposes. The company also
manufactures gasoline engines for this type of aircraft. This
acquisition will enable SDAX-listed Thielert AG to rigorously
expand its range of products in the area of piston aircraft engines
too. Currently, Thielert is already market leader in the field of
aviation certified jet fuel/diesel, piston aircraft engines. In
similar fashion to Thielert, SAP products stand out from others in
the market thanks to their high technical quality.
"With its outstanding
products and established brand name, Superior Air Parts is the
ideal acquisition to help us enhance our market position. Our
acquisition of Superior Air Parts marks our final step along the
road into the US-American market for engines and engine components
and the expansion of our presence there", CEO Frank Thielert said.
Agreement on the acquisition of SAP was reached on the evening of
March 13, 2006. The value of the transaction is said to be around
the 10 million US dollar mark, less than 15 percent of the IPO
income earned by Thielert AG last November.
As a so-called PMA (Parts Manufacturer Approval) manufacturer, SAP
has been certified for the manufacture of engine spare parts for
aircraft engines built by Lycoming and Continental. Moreover, SAP
is a leading supplier of replacement engines in the secondary
market. The company has just recently launched a piston aircraft
engine under the brand name "Vantage Engine", the first one of its
kind to have been certified in the USA for fifty years. All SAP
products have been certified by the American civil aviation
authority FAA (Federal Aviation Administration). Hitherto, the
company, which was founded in 1967, belonged to the investment
group RSTW.
SAP is a longstanding customer of Thielert in the area of
aircraft engine components. Its range of engine components,
conventional gasoline engines and innovative CENTURION jet
fuel/diesel engines enable the company to cover all needs in terms
of engines for small aircraft. Use will be made of SAP’s
existing distribution and service channels in the US markets for
all products. Furthermore, Thielert will be organising seminars at
SAP’s headquarters in Dallas from this March in the
maintenance of its CENTURION aircraft engines so that its US
customers can also be guaranteed professional service provided
locally.
Founded in 1989, Thielert Group is the world’s leading
supplier of certified jet fuel/diesel piston aircraft engines for
general aviation purposes. As a certified development, production
and maintenance organisation, Thielert AG was the first company in
the world to be given a license for a jet fuel, piston-driven
engine. The jet fuel engines in the CENTURION range reduce the
level of direct flight costs by up to 60 percent as compared with
conventional aircraft engines commonly used today. Moreover, the
company has been developing and manufacturing components for
high-performance engines and digital engine controls for more than
sixteen years. It also devises production strategies for engine
components and full engine adaptations for the automotive, military
technology and aviation sectors. In the 2005 financial year,
Thielert generated consolidated sales of 37.6 million euros (2004:
24.2 million euros) and earnings before interest, taxes and
amortisation (EBITDA) of 16.1 million euros (2004: 11.3 million
euros). At its plants in Lichtenstein/Saxony and Hamburg, the
company employs a workforce totalling 275.
Superior Air Parts, Inc. was founded in 1967 and is certified as
a manufacturer of aircraft components (PMA – Parts
Manufacturer Approval). Its headquarters are in Coppell near Dallas
in Texas, USA. Superior has 53 employees and a fully developed
service and distribution network in the USA. Sales generated in the
2005 financial year stood at around 25.3 million US dollars. The
gross margin for the same year amounted to 28.2 percent (as per
US-GAAP).
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