Hungarian lighting company Tungsram announced on Tuesday the establishment of an aircraft engine parts repair unit, according to a report from the state-owned MTI news wire.
The unit, called Tungsram Aero Space Power, was established with a start-up capital of HUF 2 billion by Tungsram CEO Jörg Bauer and group owner Xanga István Herdon.
The new company will target the MRO (maintenance, repair and overhaul) market of Tungsram’s base in Kisvárda with a workforce of 125 people.
The company already counts GE Aviation, GE Power and GE Renewable among its partners. It also has the only factory in the region to be EASA and FAA certified by the European and American aviation authorities, respectively. Tungsram Aero Space Power is working towards obtaining CAAC certification from the Chinese aeronautical authority.
Bauer said Tungsram Aero Space Power was established as an independent company within the Tungsram Group to give it greater freedom to define its strategy and manage its funding. Xanga Group member WEX TASP SHARE has been recruited as a strategic and financial investor to support future growth, he added.
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