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MTU Aero Engines takes stake in Saudi Arabian engine company
• Portfolio to be expanded by four engine types
• Major customer is the Royal Saudi Air Force
Le Bourget, June 16, 2009 – MTU Aero Engines will take a stake in Saudi Arabia-based Middle East Propulsion Company (MEPC). The deal was announced by Germany's leading engine manufacturer at the Paris Air Show in Le Bourget today. According to MTU CEO Egon Behle, a contract has already been signed: "This is a first important step for us towards building a presence in the Middle East, considering that this is a region of growing importance. With this development in mind, we have decided to acquire a stake in MEPC."
MEPC is a joint venture between United Technologies International Corporation a subsidiary of United Technologies Corporation of which Pratt and Whitney is a division, Saudi Arabian Airlines and Shomoukh al Hemman for Communication and Information Co. Ltd.. It specializes in the maintenance of aircraft engines. Its major customer is the Royal Saudi Air Force (RSAF), which has the Pratt & Whitney F100 engines powering its Boeing F-15 fighter jets maintained by MEPC. The company plans to expand its maintenance portfolio to include modules of the Tornado's RB199 engine and the Eurofighter's EJ200 engine as well as the T56 for the Hercules C-130 transport aircraft and the PT6 that powers various helicopters and propeller aircraft. Another new stakeholder alongside MTU is U.S.-based Wamar International.
About MTU Aero Engines
With a workforce of 7,500 people, MTU Aero Engines is one of the major players in the engine business worldwide. In fiscal 2008, the company posted more than 2.7 billion euros in consolidated sales. In the commercial area, MTU is the world's largest independent provider of engine maintenance services. In the military arena, it is Germany's industrial lead company for practically all engines flown by the country's armed forces. Having carved out leading positions in engine technologies, the company excels in low-pressure turbines, high-pressure compressors, and manufacturing and repair techniques. This year, Germany's leading engine manufacturer is celebrating its 75th anniversary. MTU's official legal predecessor is BMW Flugmotorenbau GmbH, which was set up in Munich in 1934.