LOCKHEED, MALEV HUNGARIAN AIRLINES ESTABLISH AIRCRAFT MAINTENANCE AND OVERHAUL JOINT VENTURE IN BUDAPEST
LOCKHEED, MALEV HUNGARIAN AIRLINES ESTABLISH AIRCRAFT
MAINTENANCE AND OVERHAUL JOINT VENTURE IN BUDAPEST
ONTARIO, Calif., Feb. 3 /PRNewswire/ -- Lockheed Aircraft Service- International (LASI) and MALEV Hungarian Airlines have signed an agreement establishing an aircraft maintenance and overhaul joint venture company at the Budapest International Airport (Ferihegy).
Aeroplex of Central Europe (ACE) will be owned equally by Lockheed and MALEV, each retaining 50 percent of its shares. Under the joint venture agreement, both companies will invest in upgrading the existing capabilities and establishing heavy aircraft maintenance and overhaul capabilities.
The joint venture is a result of the Hungarian government's privatization program. The joint venture will promote the objectives of privatization, which aims at contributing toward a new Hungarian free market economy, improve services and efficiency and reduce costs. This new aircraft maintenance company is expected to expand the industrial sector of Hungary, attract other businesses associated with the aircraft maintenance industry to Hungary and create an expanding employment base.
The new company will begin operations with a workforce of about 1,000 employees. While initially ACE will provide aircraft maintenance and support for MALEV, it plans to expand its operations by offering third-party maintenance to airlines operating in Europe, the Middle East and Africa.
MALEV has started an ambitious program of reorganization in view of European air transportation deregulation. It currently operates a fleet which includes Boeing 737-200 and 737-300 aircraft and also Tupolev 154s and 134s. In early 1993 the carrier will take delivery of Boeing 767 aircraft to serve its Trans-Atlantic and Far East operations.
Lockheed is the world's foremost, broadly based aircraft maintenance company with three major commercial airline overhaul centers in the United States, as well as joint venture facilities in Malaysia, the People's Republic of China and a number of other operations in Europe and the Middle East.
The Hungarian Airport & Air Traffic Administration, which owns and operates Ferihegy International Airport, will also participate in the joint venture operation. The Hungarian government has provided its full support to the joint venture, which is expected to play a significant role in Hungary's economic transformation.
/CONTACT: John Dailey of Lockheed Aircraft Service Co., 714-395-2357/
(LK) CO: Lockheed Aircraft Service-International; MALEV Hungarian Airlines ST: California IN: AIR SU: JVN
AL-CH -- LA017 -- 6211 02/03/92 12:52 EST