The Irish Government has today announced its decision to purchase Sikorsky S-92 helicopters for Ireland's air force.
For FLS Aerospace, this decision has paved the way for negotiating an agreement with Sikorsky. Under this agreement FLS Aerospace is to convert a substantial number of passenger aircraft to freighter aircraft. The value of the five-year contract is close to 1.1bn Danish kroner (130m US dollars). Conversion of the first aircraft is due to begin around New Year 2003, and the contract will therefore not be refelcted in this year's profit and loss account.
The contract will enhance FLS Aerospace's competence in the global market for cargo aircraft conversion and will make it well placed in the competition for similar orders, whilst having to face a major slump in demand for aircraft maintenance as a result of 11 September 2001.
As previously announced and in response to the current recession in the aircraft maintenance market, FLS Aerospace is undergoing a major restructuring process that will continue as planned. However, the Irish Government's decision will enable FLS Aerospace to create approximately 50 new jobs for the duration of the conversion contract. FLS Aerospace's Irish operation currently employs some 1,600 staff.
FLS Industries A/S
Corporate Public Relations