Magnetic MRO

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Magnetic MRO AS
FormerlyMaersk Air Maintenance Estonia AS
Air Maintenance Estonia AS
IndustryAviation Services
PredecessorsMaintenance department of Estonian Air
FoundedMay 15, 2002; 19 years ago (2002-05-15) in Tallinn, Estonia
FounderMaersk Air
Headquarters
Tallinn
,
Estonia
Area served
Worldwide
Key people
Risto Mäeots (CEO)
ServicesAircraft maintenance
RevenueDecrease €88.4 million[1] (2018)
Increase €5.1 million[1] (2018)
Total assets (2018)
OwnerGuangzhou Hangxin Aviation Technology
Number of employees
400 (2018)
SubsidiariesMAC Interiors
Magnetic Parts Trading Limited
Websitemagneticmro.com

Magnetic MRO AS (former names: Maersk Air Maintenance Estonia and Air Maintenance Estonia) is an aviation maintenance company headquartered in Tallinn, Estonia. The company offers a full range of commercial airplane maintenance services. It is certified by the European Aviation Safety Agency and the Federal Aviation Administration of the United States. The company operates worldwide. It is a subsidiary of Guangzhou Hangxin Aviation Technology.

Magnetic MRO was established in 1995 as a maintenance department of Estonian Air. In 2002, the maintenance department was separated from Estonian Air, and it became Maersk Air Maintenance Estonia, a company owned by Maersk Air. In 2003, the company was acquired by SAS Group. Accordingly, the company changed its name to Air Maintenance Estonia. In 2010, the company was bought by private equity and venture capital investor BaltCap. In 2014, the company was renamed Magnetic MRO. One year later the company established a sales and engineering office in London, United Kingdom. In 2016, Magnetic MRO acquired a United Kingdom-based aircraft interior company MAC Interiors. Also, in the same year, EngineStands24 was founded by Magnetic MRO as a global digitalized one-stop solution, providing 24/7 worldwide solutions for transportation and storage of aerospace engine stands. In 2017, the Estonian business promotion agency Enterprise Estonia selected Magnetic MRO as the Company of the Year and Exporter of the Year. In 2017, Magnetic MRO with Crestline Investors formed a joint venture Magnetic Parts Trading Limited, to purchase aircraft and engines, parting them out and selling as individual components.[2]

In 2018, Magnetic MRO was acquired by Guangzhou Hangxin Aviation Technology from BaltCap, a move consistent with Magnetic's desire to expand into the Chinese aviation market.[3] Since February 2019, bonds of Magnetic MRO with a redemption date in December 2021 have been traded on the Nasdaq Tallinn exchange as part of the MTF First North list.[1] Also in February 2019, MAC Interiors and Benniao Aviation created a joint venture MAC Sichuan to enter to the cabin redevelopment market in China.[4]

In March 2019, Magnetic MRO has acquired Direct Maintenance, an Amsterdam-based independent MRO provider that is specialized in Line Maintenance for narrow- and wide-body aircraft.[citation needed] In early 2020, the launch of Magnetic Leasing, a company with the focus on long and short-term aviation asset management and leasing, was announced.[citation needed] Also, in March 2020, Magnetic MRO has announced that MAC Aero Interiors production facility has been moved to Tallinn, Estonia.[citation needed]

References[]

  1. ^ Jump up to: a b c Vahtla, Aili, ed. (December 2, 2019). "Nasdaq Tallinn admits Magnetic MRO bonds to trading". ERR. BNS. Retrieved 26 Feb 2020.
  2. ^ "Magnetic MRO to sell old aircraft for parts". Russian Aviation Insider (Blog). Air Transport Observer. August 3, 2017. Retrieved 26 Feb 2020.
  3. ^ Vahtla, Aili, ed. (March 1, 2018). "Baltcap selling Magnetic MRO to China's Hangxin for €43 million". ERR. BNS. Retrieved 21 Feb 2020.
  4. ^ Drab, Emilie (2019-02-14). "Magnetic MRO wants to develop cabin modification activities in China". Le journal de l'aviation. Retrieved 2019-02-16.

External links[]

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