SINGAPUR (dpa-AFX) - SIA Engineering Company Limited, together with its subsidiaries, and Safran Aircraft Engines have signed a joint venture agreement to establish a full-fledged CFM LEAP engine shop in Singapore. This facility will provide Maintenance, Repair and Overhaul (MRO) services for the LEAP-1A and LEAP-1B engines.
Currently, SIA Engineering Company performs LEAP engine Quick Turn (QT) maintenance for Safran Aircraft Engines at its Aircraft Engine Services facility in Changi North. These Quick Turn operations will be integrated into the new joint venture company, forming the foundation for a future state-of-the-art MRO facility. The new shop will expand engine visit capacity and broaden the scope of services for LEAP engines, supporting the rapid growth of the global LEAP fleet.
Under the agreement, Safran Aircraft Engines will hold a 51% equity stake in the joint venture, while SIAEC will hold the remaining 49%. The company will begin with an initial issued and paid-up capital of US$100, comprising 100 ordinary shares. SIAEC will subscribe for 49 shares at US$49, while further contributions can be made in tranches. SIAEC's additional contributions will total up to US$57.8 million, including US$13.7 million in-kind contributions, while Safran's contributions will amount to US$60.2 million. Together, both parties will invest up to US$118 million in the venture.
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