newstodate.aero
May 07, 2018 (newstodate): Surfing on the waves of the much-hyped "Road and Belt Initiative", Chinese capital is now in control of Estonia's MRO provider, Magnetic, at Tallinn Airport.
The deal has now been formally concluded after the signing of the initial agreement in April, 2018.
The new owner, Guangzhou Hangxin Aviation Technology was set up in 1994, starting from maintenance of military aircraft and later migrating into commercial aviation services and national defense construction.
With the Chinese acquisition, Magnetic sees prospects for expanding into new market, primarily in the Asian region where the Chinese owner is already strongly present.
So far at least, no changes has been announced to the management structure of Magnetic that was set up in 1991 as Air Maintenance Estonia, acquired by the Danish carrier Maersk Air in 2002 before being taken over by SAS in 2003.
SAS later sold its stake in the company in 2010 to a Baltic investment group, BaltCap, that has now divested of its entire stock in the company that was re-branded Magnetic from September 15, 2014.
The deal has now been formally concluded after the signing of the initial agreement in April, 2018.
The new owner, Guangzhou Hangxin Aviation Technology was set up in 1994, starting from maintenance of military aircraft and later migrating into commercial aviation services and national defense construction.
With the Chinese acquisition, Magnetic sees prospects for expanding into new market, primarily in the Asian region where the Chinese owner is already strongly present.
So far at least, no changes has been announced to the management structure of Magnetic that was set up in 1991 as Air Maintenance Estonia, acquired by the Danish carrier Maersk Air in 2002 before being taken over by SAS in 2003.
SAS later sold its stake in the company in 2010 to a Baltic investment group, BaltCap, that has now divested of its entire stock in the company that was re-branded Magnetic from September 15, 2014.