Magnetic MRO has announced yesterday that Chinese engineering and repair specialist Guangzhou Hangxin Aviation Technology will now be the sole strategic investor after acquiring the shares from its private equity parent company BaltCap along with unnamed minor shareholders. Hangxin is listed on the Shenzhen stock exchange and active in the fields of component repair, aircraft retrofit, aviation equipment research and development, and aircraft data analysis.
Magnetic MRO’s chief executive Risto Maeots states that it had been “actively looking for opportunities to expand into Asia” and that the new investor’s activities will be complementary to the support specialist’s business. Hangxin vice-president Lv Haibo states: “We fully support the existing strategy and executive management team.” The buyer will, he adds, support the Estonian company in “expanding its global MRO presence”.
Magnetic MRO has opened additional facilities and branched out into activities including aircraft painting, disassembly and asset management.