SR Technics and Okay Airways to establish JV in China

Zurich, London, Dublin, November 11, 2005 - SR Technics has signed a Memorandum of Understanding (MOU) with Okay Airways to form a maintenance Joint Venture (JV) in China. Okay Airways, which was established in June 2004, is the first privately-owned airline in China.

This JV will see SR Technics and Okay Airways partner together to establish a Company providing technical solutions for airlines from a facility to be located in Tianjin, one of the fastest growing regions of China. Tianjin Airport is being developed to become a major passenger and cargo hub.

Full technical solutions will include aircraft services, fleet technical management and component support of both Boeing and Airbus fleets for both existing airlines and developing new paradigm carriers.

Commenting on this development, Frank Turner, Chairman, SR Technics said “this new JV partnership with Okay Airways will be a first step for SR Technics in establishing a presence in China. We see the emergence of the ‘new paradigm airlines’ - SR Technics term for airlines who are applying low cost principles while providing a quality service to passengers. This new JV Company will provide a local presence backed by global experience with the intention of attracting these new paradigm carriers, at an early stage in their development, and providing an alternative solution, from an experienced world leader, for existing Chinese airlines.

SR Technics is already supporting airlines in the region out of Hong Kong. This JV demonstrates SR Technics increasing level of commitment to the Asia Pacific region as we establish this new support hub in China”.


About SR Technics
With a workforce of some 4,770 employees, SR Technics is the world’s leading independent total solutions provider of aircraft, component, engine and technical services, and generated operating revenues of CHF 1.2 billion last year. Owned by a consortium of private equity investors (principally 3i and Star Capital) and its own management, SR Technics offers technical solutions and services to over 500 customers around the world, handling more than 750 aircraft, 300 power plants and 78,000 components every year. For further information please visit www.srtechnics.com.

About Okay Airways
Okay Airways is the People’s Republic of China’s first privately owned airline. It is based at Tianjin Binhai International Airport, Tianjin. The airline will initially operate passenger charter services and plans to expand into scheduled passenger and dedicated cargo services. Okay Airways was established in June 2004 and in February 2005 received an aviation carrier business licence from the Civil Aviation Administration of China (CAAC). The carrier’s maiden flight from its base in Tianjin to Changsha was on March 11, 2005.

Contact Information

Mary Mannion

Exec VP, Corporate Communications

SR Technics

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