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Saturday, 27.04.2024, 01:05
Magnetic MRO mulling leaving Estonia
Board
member Risto Maeots said that the
company was experiencing major problems bringing foreign top specialists,
customers and investors to Estonia.
"Our
client was treated the same way as an illegal and was told 'Welcome to
Estonia!'," Maeots told the weekly. "I was so ashamed of the Republic
of Estonia that I spent the night at the passenger terminal with the client's
pilots."
Maeots said
that Magnetic MRO is not able to
function without bringing in specialists from abroad. He said the company would
like to use local specialists, but none are available as aircraft have never
been painted or their engines serviced in Estonia before.
"If
things go on this way, it is only a matter of time when I will make a proposal
to relocate the headquarters of Magnetic
MRO from Tallinn to somewhere where conditions are more amicable. Such as
London or Shanghai. Somewhere where you can get a visa, where people are let to
enter the country to work, where there are tax incentives, and soforth,"
the manager of the aircraft maintenance company said.
Magnetic MRO is an European Aviation Safety Agency (EASA)
and Federal Aviation Administration (FAA) certified total technical care and
asset management organization offering integrated MRO services. Revenue of Magnetic MRO grew 79% to 90.9 mln euros
in 2017 and its profit increased 60.4% to nearly 4 mln euros. Of revenue, 21%
was earned from basic maintenance services and 79% from other business
operations, it can be seen from the company's annual report.
The company
invested 8.1 mln euros in fixed assets, including the purchase of plane
engines, during 2017. It operated with a workforce of 330 people and labor
costs totaled 10.3 mln euros.
Thorough or
base maintenance of the Boeing 737
and Airbus 320 aircraft types as well
as the painting of planes are conducted in the hangars located at Tallinn
Airport. Separate services offered include the sale of aircraft maintenance
knowhow and route maintenance service, that is maintenance between flights at a
number of international airports.
In January
2018, investment company BaltCap, the
owner of Magnetic MRO, sold 100% of
its holding in the company to the Chinese company Guangzhou Hangxin Aviation Technology, which became the largest
Chinese investment in Estonia.