KISVÁRDA, Hungary, Dec. 21, 2021 /PRNewswire/ — Tungsram Aero Space Power Kft. is a new company set up within the Tungsram Group headquartered in Budapest and with a site at Kisvárda, a workforce of 125 persons and an equity of HUF 2 billion. The company dealing with the repair and maintenance of aircraft engines, is ready to break into a market with a global turnover of USD 100 billion.
Founders Joerg Bauer, President and Chief Executive Officer of Tungsram Group, István Herdon, owner of Xanga Group and the acting director of the newly created company, Attila Kürthy signed off the agreement which represents the launch of the operations at Tungsram Aero Space Power Kft. The new company is a rapidly growing division of Tungsram Group, specialised in MRO (maintenance, repair, overhaul) services provided to the aviation and energy sector.
MRO in the aircraft industry represents a USD 100 billion turnover globally, with a continuous further growing potential according to industry players. Two other areas accompany this field; parts production for energy industry and renewables. The company employs 125 people in the production hall of the Tungsram Kisvárda and aims at those markets. Current partners include GE Aviation, GE Power and GE Renewable.
“Tungsram offers first class quality solutions and engine repair services to the largest turbine manufacturers and MRO service providers”, says Attila Kürthy. “We see a substantial growth potential on the industrial grade gas turbine market, we try to take a hold here as well.”
Tungsram Aero Space Power is currently the single aircraft engine part manufacturer in the small region holding the certificates of both the European and American Aviation Authorities (EASA and FFA). The Kisvárda plant is a regional centre of excellence in the field of welding.
According to Joerg Bauer, President & CEO of Tungsram external strategic and financial partners had to be involved such as WEX TASP SHARE Kft. belonging to Xanga Group.
“The developments of Xanga Group completed in the field of aviation industry in the last 10 years have almost reached USD 100 M. We consciously guide our investments to the high added value MRO industry as we believe it is a significant area of development in the region” – says István Herdon.
Tungsram Aero Space Power focuses already on the upcoming milestones, such as the procurement of the CAAC (Chinese Authority of Aviation) certificate.
Szonja Kiss, szonja.kiss@tungsram.com, +36 70/5257861
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SOURCE Tungsram Aero Space Power Kft.