Executives said Standard Aero and Landmark Aviation would form a global
aviation services network of 12 primary facilities in the United States,
Canada, Europe, Singapore and Australia — with another 14 service and
support locations in the Gulf.
That subsidiary will establish headquarters in the
United States over the next year, Middle East Newsline reported.
"The closing of this acquisition is an important step forward in the
business and investment relationships between Dubai, the United Arab
Emirates and the United States," DAE chairman Ahmed Bin Saeed Al Maktoum
said. "DAE is making significant strides in the aerospace sector, and we
appreciate all that went into making this transaction a success."
The acquisition would provide the UAE with advanced Western aviation
technology and services, executives said. DAE marked a $15 billion program
by the UAE emirate of Dubai to develop an aerospace industry.
"This is a significant step forward in our strategy which reinforces the
progress that DAE has achieved so far, and for sure it will not be the last
one," DEA managing director Omar Bin Sulaiman said.
Standard Aero provides gas turbine engine and
engineering services, while Landmark Aviation offers nose-to-tail services
that include engine, airframe and avionics.
"DAE is quickly establishing itself as a significant player in the
global aerospace industry," DAE chief executive officer Bob Johnson said.
"The acquisition of Standard Aero and Landmark Aviation provides a critical
platform for DAE to take advantage of growth opportunities in the MRO
business around the world."