FLS Aerospace (DK), a member of the FLS Group, has signed an agreement regarding the sale of its hangar and workshop activities in Copenhagen Airport to NorthStar Aerospace Group A/S, a Danish company, effective 1 May 2003.
The agreement will see approximately 110 employees of FLS Aerospace (DK) transfer to NorthStar which is a newly formed company in the aerospace industry. NorthStar will continue to provide aircraft maintenance and will also establish a major engine maintenance centre in cooperation with a leading American engine manufacturer.
The sale will not affect the line maintenance network of FLS Aerospace (DK) in Scandinavia whose activities will continue in the airports of Copenhagen and Billund in Denmark; Gardermoen in Norway; and Arlanda, Gothenburg and Malmo in Sweden.
The parties have agreed not to disclose the selling price.
The sale of FLS Aerospace (DK) hangar and workshop activities in Copenhagen Airport will generate an accounting loss of approximately DKK 50m, but will have a positive effect on FLS Aerospace Group operating profit for the rest of the year. This will not affect the latest estimate of FLS Industries earnings for 2003.
FLS Industries A/S
Corporate Public Relations