Mubadala sells a share in SR Technics to the Chinese

Illustration (Photo: Jaromir Chalabala/shutterstock.com)

As SR Technics has announced, its former hundred-percent owner, the Mubadala fund of Abu Dhabi, has sold 80% of the ownership.

According to the details published about the transaction, SRT will remain an independent business within HNA's aviation portfolio.

Mubadala, which was SRT's owner from 2006, will keep a 20 percent share in the Swiss MRO provider.

– As the majority owner of SRT of more than six years, I can only say that we've found an ideal partner in the company HNA Aviation, which will continue the development of one of the leading MRO providers in the world. We will remain active in running the company proportional to our remaining share in the ownership and our place in the Managing Board – said Homaid Al Shimmari, CEO of the Mubadala's Aerospace and Engineering Services platform.

Jeremy Remacha, acting CEO of SRT, has pointed out that, in addition to focusing on its current clients and the increasing support to the Etihad Group, the company's goal is to expand to the market in Asia and the Pacific.

SR Technics is one of the world's largest maintenance, repair and operations companies, capable of maintaining most Airbus and Boeing aircraft. It employs around 3,300 workers throughout the world, which service around 1,050 planes.

It started moving its administration from Zürich to Belgrade at the beginning of 2015, when the company's business processes center officially started operating.

During his visit to the company's headquarters, Prime Minister Aleksandar Vucic said that the company SR Technics was employing 120 people then, and that the salaries were double the Serbian average, around EUR 1,000.