FL Technics Targets $1.1B Turnover By 2030

BARCELONA—Lithuanian MRO provider FL Technics plans to more than double its current turnover to €1 billion ($1.1 billion) by 2030.

The company projects a turnover of nearly €400 million for 2024 but plans to grow this further through existing and new maintenance contracts during the second half of the decade.

“On completion of all current projects and by developing new ones, we intend to reach a turnover of €1 billion from aircraft repair and maintenance services by 2030,” says Zilvinas Lapinskas, CEO at FL Technics. “This opens up the opportunity for us to become a leading service provider in the sector.”

Lapinskas says that its global labor force of around 2,500 people, along with a focus on driving MRO efficiencies, has enabled the company to achieve an annual growth of 10% to 15%, above the global MRO sector average of 2% to 3%.

FL Technics counts the likes of Wizz Air, Norwegian, Lufthansa, TUI, AirAsia Indonesia, Lion Air and Thai Vietjet as customers in Europe and Asia-Pacific, while in North America it has the likes of Delta Air Lines, American Airlines and Canadian carrier Flair as customers.

To help achieve its growth ambitions, the company is planning to expand its global maintenance network in the next few years by building and expanding hangars and maintenance facilities across several regions. These plans include inaugurating new hangars in Jakarta, Indonesia, where it has had an existing operation since 2016, by 2026. A further expansion is planned in Indonesia in Bali at Denpasar airport, with plans to open a new hangar which will eventually be at six bays next month.

In addition, Lapinskas says that FL Technics plans to develop a specialized CAMO services center in Manila in the Philippines next year. It is estimated that the facility in the Philippines capital will employ 200 people for the servicing of aircraft operated by 14 airlines.

Another hangar expansion is taking place in Punta Cana in the Dominican Republic, which will target narrowbody operators across the Americas region. The Punta Cana facility will provide both line and base maintenance services and initially operate with five bays before eventually expanding to 12. It is expected to be completed sometime in 2025.

The maintenance specialist is also ramping up its Latin America operation by investing heavily in the Punta Cana facility to increase its capabilities through the purchase of aviation assets, such as airframes, engines, auxiliary power units and landing gears for teardown and repair purposes.

Lapinskas says the company will also grow its operation in Europe. Earlier this year, it unveiled plans to open a wheels and brakes shop at Milan Bergamo Airport in Italy at some time in late 2024. This operation will add to its European footprint, which consists of base maintenance hangars in Vilnius and Kaunas in its Lithuania home base. In addition, it operates UK facilities at London Stansted Airport and Glasgow Prestwick Airport in Scotland and has had a wheels and brakes operation in Hanover, Germany, since 2022, in addition to shops in Vilnius and Budapest.