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Air New Zealand [NZX: AIR] is selling its wholly owned subsidiary Altitude Aerospace Interiors to AIM Aviation, a UK based airline interiors design, engineering and manufacturing company.
Chief financial officer Rob McDonald says the airline has been exploring options to take its Altitude business to the next stage of growth and is satisfied this transaction will provide a strong foundation for the future.
“With rapid growth forecast in aircraft deliveries over the coming five years and premium airlines increasingly demanding bespoke interior solutions, this is an exciting opportunity for Altitude, which will gain access to AIM Aviation’s new UK based state-of-the art manufacturing facilities,” Mr McDonald says.
“A key objective of our Go Beyond strategy is to supercharge New Zealand’s success. This is a great example of Air New Zealand fostering and developing an internal venture and then divesting at the right time when further resources, skills and expertise are needed to realise its growth potential.”
AIM Aviation is led by CEO Mark Edwards and majority owned by TowerBrook Capital Partners, an international investment management firm in the US and Europe.
Altitude Aerospace Interiors was established in 2008. It designs, engineers and supplies customised airline cabin interiors for commercial airlines and VIP Boeing Business Jets. It employs approximately 100 staff.
The parties intend to complete the transaction at the end of this month; the details remain confidential.
Nevil Gibson
Mon, 22 Sep 2014
Mon, 22 Sep 2014
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Air NZ sells cabin interiors business
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