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MarketScreener Homepage  >  Equities  >  Xetra  >  MTU Aero Engines AG    MTX   DE000A0D9PT0

MTU AERO ENGINES AG

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MTU Aero Engines : Maintenance signs exclusive contract with new customer Air Serbia

11/16/2020 | 08:35am EST

Hannover, November 16, 2020 - MTU Maintenance, the global leader in customized solutions for aero engines, and new customer Air Serbia have signed an exclusive V2500 engine maintenance repair and overhaul (MRO) contract. The six-year agreement covers MRO, engine trend monitoring and spare engine services for Air Serbia's v-powered A319 and A320 aircraft fleet.

'We are delighted to have signed a contract with the world-renowned engine experts MTU Maintenance,' says Željko Pejovic, Director Air Serbia Technical. 'We trust them to take excellent technical care of our engines and are convinced they will provide us with reliable, highly-individualized and cost-efficient services.' The Serbian flag carrier was founded in 1927, and in 2020, has already flown to a total of 63 destinations across eastern and western Europe, the Middle East and North America. The airline is headquartered in Belgrade and operates a total of 21 aircraft including A330 for transatlantic flights.

'We are specialized in customized solutions for aero engines and proud to have been selected by Air Serbia for offering the best all-round care package for their engines,' says Michael Schreyögg, Chief Program Officer, MTU Aero Engines. 'We have exceptional understanding of the V2500 fleet and are concentrating on providing all our customers with the flexible and highly customized engine MRO services they need now more than ever. As such, we are committed to ensuring Air Serbia's needs are cost-effectively met during this ever-changing environment.'

MTU Maintenance is the number one service provider for V2500 engines worldwide, having carried out over a third of all shop visits on this engine type in 2019. Furthermore, it is the largest independent service provider for the V2500 and partners with over 90 customers worldwide. The V2500 engine is serviced at three MTU facilities in order to flexibly respond to global and regional demand. MTU Maintenance has performed work on the V2500 in Hannover, Germany, since 1989, and in Zhuhai, China, since 2003. Further, the V2500 programs introduced at MTU Maintenance Canada in Vancouver in 2017.


About MTU Aero Engines
MTU Aero Engines AG is Germany's leading engine manufacturer. The company is a technological leader in low-pressure turbines, high-pressure compressors, turbine center frames as well as manufacturing processes and repair techniques. In the commercial OEM business, the company plays a key role in the development, manufacturing and marketing of high-tech components together with international partners. Some 30 percent of today's active aircraft in service worldwide have MTU components on board. In the commercial maintenance sector the company ranks among the top 3 service providers for commercial aircraft engines and industrial gas turbines. The activities are combined under the roof of MTU Maintenance. In the military arena, MTU Aero Engines is Germany's industrial lead company for practically all engines operated by the country's military. MTU operates a network of locations around the globe; Munich is home to its corporate headquarters. In fiscal 2019, the company had a workforce of more than 10,000 employees and posted consolidated sales of more than 4.6 billion euros.

Disclaimer

MTU Aero Engines AG published this content on 16 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 November 2020 13:34:02 UTC


© Publicnow 2020
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Financials
Sales 2020 4 033 M 4 901 M 4 901 M
Net income 2020 217 M 264 M 264 M
Net Debt 2020 876 M 1 064 M 1 064 M
P/E ratio 2020 54,0x
Yield 2020 0,70%
Capitalization 11 568 M 13 995 M 14 059 M
EV / Sales 2020 3,09x
EV / Sales 2021 2,76x
Nbr of Employees 10 660
Free-Float 85,1%
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Mean consensus HOLD
Number of Analysts 22
Average target price 185,30 €
Last Close Price 218,10 €
Spread / Highest target 32,6%
Spread / Average Target -15,0%
Spread / Lowest Target -50,0%
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NameTitle
Reiner Winkler Chief Executive Officer
Klaus Eberhardt Chairman-Supervisory Board
Lars Wagner Chief Operating Officer
Peter Kameritsch Chief Financial & Information Officer
Thomas Dautl Member-Supervisory Board
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