GE Aviation, one of the topmost aircraft engine suppliers has reportedly inked an agreement with SIA Engineering Company Limited. Sources say that the Singapore based firm specializing in aircraft MRO (maintenance, repair, & overhaul) solutions has signed this joint venture deal in order to create an engine overhauling unit in Singapore.
As per The Business Times, the deal dictates that GE would possess 51% of the ownership rights, while SIAEC Limited will own the rest. The combined unit will depict a blend of GE’s engineering design & innovation skills and SIAEC’s expertise in MRO solutions. The CEO of SIA Engineering Company Limited has declared that the new engine overhaul unit in Singapore will also help in expanding the firm’s competence across the next generation aircraft sector.
According to the president of GE Aviation, this pact would also facilitate its GE9X and GE90 aircraft engines to avail SIAEC’s high-quality MRO services. The partnership apparently, will make Singapore the sole nation across Asia-Pacific to have notable engine overhaul abilities owing to the services offered by the three top original equipment manufacturers across the commercial aviation industry. A key official of the Ministry of Trade & Industry in Singapore has stated that the country will be the only one across APAC to provide services to the next-generation GE9X engine.
Estimates state that APAC’s aviation industry is likely to contribute nearly 40% towards the global fleet over the next twenty years. Reportedly, APAC has even been projected to dominate the global aviation business in future, while Singapore may contribute nearly 10% towards the global MRO services sector.
For the record, GE aviation has announced that it will provide funds worth S$42 million to a unit at the Seletar Aerospace Park in Singapore for manufacturing vane compressors for its GE9X engines. The 50,000-sq. foot engine manufacturing unit is expected to be launched later this year and will offer employment to nearly 20 skilled personnel in the beginning, while an additional 100 skilled technicians & employees may be recruited by 2020.
Dhananjay develops content for Market Size Forecasters. A post graduate in mathematics as well as business administration, he worked as a process executive in Infosys BPO Limited before switching his professional genre. Following his childhood passion, he opted for a career in writing and now pens d...