Aircraft engineering specialist Air Touring has become the sole owner of a German business after buying its JV partner’s shares.
Aircraft sales and engineering specialist Air Touring Group Plc has become the sole owner of a German business after buying its joint venture partner’s shares in the company.
The group, through its Air Touring subsidiary, acquired a 50 per cent shareholding of Socata Deutschland, an aircraft and parts sales and engineering company based near Frankfurt, from Rheinland Air Service.
The deal was worth €115,000 (£94,500) in cash and will be used by Air Touring to consolidate and expand its operations in Central Europe.
The target company was established by French and German aerospace and defence consortium EADS, and was bought by the joint venture in a 50:50 deal six years ago.
Air Touring Group chief executive Michael Pearce said the deal rationalises its German operations and enhances shareholder value. “It would also allow us to scale up our aircraft marketing presence and increase the sales footprint of Air Touring in Europe.”
Kent-based Air Touring is an aircraft and parts sales, and engineering and design company. It represents aircraft and aviation component manufacturers in the UK and the Republic of Ireland.
Socata Deutschland serves several aircraft and aviation component manufacturers in Germany, Austria and Switzerland.