Magnetic MRO
Magnetic MRO AS (former names: Maersk Air Maintenance Estonia and Air Maintenance Estonia) is an aviation maintenance company headquartered in Tallinn, Estonia. The company offers a full range of commercial airplane maintenance services. It is certified by the European Aviation Safety Agency and the Federal Aviation Administration of the United States. The company operates worldwide. It is a subsidiary of Guangzhou Hangxin Aviation Technology.
Formerly | Maersk Air Maintenance Estonia AS Air Maintenance Estonia AS |
|---|---|
| Industry | Aviation Services |
| Predecessors | Maintenance department of Estonian Air |
| Founded | May 15, 2002 in Tallinn, Estonia |
| Founder | Maersk Air |
| Headquarters | , Estonia |
Area served | Worldwide |
Key people | Risto Mäeots (CEO) |
| Services | Aircraft maintenance |
| Revenue |  |
 | |
| Owner | Guangzhou Hangxin Aviation Technology |
Number of employees | 400 (2018) |
| Subsidiaries | MAC Interiors Magnetic Parts Trading Limited |
| Website | magneticmro |
Magnetic MRO was established in 1995 as a maintenance department of Estonian Air. In 2002, the maintenance department was separated from Estonian Air, and it became Maersk Air Maintenance Estonia, a company owned by Maersk Air. In 2003, the company was acquired by SAS Group. Accordingly, the company changed its name to Air Maintenance Estonia. In 2010, the company was bought by a private equity and venture capital investor Baltcap. In 2014, the company was renamed Magnetic MRO. One year later the company established a sales and engineering office in London, United Kingdom. In 2016, Magnetic MRO acquired a United Kingdom-based aircraft interior company MAC Interiors. In 2017, the Estonian business promotion agency Enterprise Estonia selected Magnetic MRO as the Company of the Year and Exporter of the Year. In 2018, Magnetic MRO was acquired by Guangzhou Hangxin Aviation Technology from BaltCap, a move consistent with Magnetic's desire to expand into the Chinese aviation market.[2] Since February 2019, bonds of Magnetic MRO with a redemption date in December 2021 have been traded on the Nasdaq Tallinn exchange as part of the MTF First North list.[1] Also in February 2019, MAC Interiors and Benniao Aviation created a joint venture MAC Sichuan to enter to the cabin redevelopment market in China.[3]
References
- Vahtla, Aili, ed. (December 2, 2019). "Nasdaq Tallinn admits Magnetic MRO bonds to trading". ERR. BNS. Retrieved 26 Feb 2020.
- Vahtla, Aili, ed. (March 1, 2018). "Baltcap selling Magnetic MRO to China's Hangxin for €43 million". ERR. BNS. Retrieved 21 Feb 2020.
- Drab, Emilie (2019-02-14). "Magnetic MRO wants to develop cabin modification activities in China". Le journal de l'aviation. Retrieved 2019-02-16.
Further reading
- "Magnetic MRO to sell old aircraft for parts". Russian Aviation Insider (Blog). Air Transport Observer. August 3, 2017. Retrieved 26 Feb 2020.
Estonian provider Magnetic MRO has formed a joint venture with US firm Crestline Investors to “invest in aviation assets,” reads the company’s press release. The new venture, to be known as Magnetic Parts Trading Limited, will focus on purchasing aircraft and engines, parting them out and selling as individual components.