Magnetic Group (former names: Magnetic MRO AS, 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 | Magnetic MRO AS 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 |  €88.4 million[1] (2018) |
 €5.1 million[1] (2018) | |
| Total assets | (2018) |
| Owner | Guangzhou Hangxin Aviation Technology |
Number of employees | 400 (2018) |
| Subsidiaries | MAC Interiors Magnetic Parts Trading Limited |
| Website | magneticmro |
History
editThe company 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 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 (now known as Magnetic Creative). Also, in the same year, EngineStands24 was founded by Magnetic MRO. In 2017, the Estonian business promotion agency Enterprise Estonia selected Magnetic MRO as the Company of the Year and Exporter of the Year. In 2017, Magnetic MRO with Crestline Investors formed a joint venture Magnetic Parts Trading Limited, to purchase aircraft and engines, parting them out and selling as individual components.[2]
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.[3] 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 the cabin redevelopment market in China.[4]
In March 2019, Magnetic MRO has acquired Direct Maintenance, an Amsterdam-based independent MRO provider that is specialized in Line Maintenance for narrow- and wide-body aircraft.[5] In early 2020, the launch of Magnetic Leasing, a company with a focus on long and short-term aviation asset management and leasing, was announced.[6] Also, in March 2020, Magnetic MRO announced that the MAC Aero Interiors production facility has been moved to Tallinn, Estonia.[7]
In 2021, Magnetic MRO was rebranded, Magnetic Group company was established, a new company structure was announced and a new brand mission was presented.[8]
At the beginning of 2022, Magnetic Group announced the expansion and the opening of its new representative office in Miami, the USA.[9]
References
edit- ^ a b c Vahtla, Aili, ed. (December 2, 2019). "Nasdaq Tallinn admits Magnetic MRO bonds to trading". ERR. BNS. Retrieved 26 Feb 2020.
- ^ "Magnetic MRO to sell old aircraft for parts". Russian Aviation Insider (Blog). Air Transport Observer. August 3, 2017. 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.
- ^ "Magnetic MRO acquires Dutch Direct Maintenance, enters wide-body market". AVIATOR. 2019-03-04. Retrieved 2023-01-09.
- ^ курс, The Baltic Course-Балтийский. "Estonia: Magnetic MRO launches leasing arm". The Baltic Course | Baltic States news & analytics. Retrieved 2023-01-09.
- ^ "MAC Aero Interiors gets production approval from Airbus". PAX International. 2020-06-29. Retrieved 2023-01-09.
- ^ "Magnetic MRO Rebrands Business, Alters Structure". Aviation Week Network. Retrieved 2023-01-09.
- ^ "Magnetic Group's Expansion, opening new office and hub in Miami, Florida January 27, 2022".