The company operates from facilities in Shannon and Leixlip. Newly-filed accounts show that its revenue last year climbed to $170m from $156m, as it benefited from continued growth in global passenger traffic.
The directors noted that turnover in its pure engine component repair unit rose 15pc last year compared to 2023.
“This segment continues to focus on capacity increase, introducing new engine parts repairs, increasing its capabilities on current engine parts repair and introducing new products into its portfolio,” they added.
There is a growing requirement for aircraft maintenance, repair and overhaul
Turnover at the group’s engine leasing division rose 4.7pc last year, compared to a 13.5pc decline in 2023. The company employs about 400 people in Ireland.
There is a growing requirement internationally for aircraft maintenance, repair and overhaul (MRO) services, while the cost of such services is increasing.
Ireland already has a significant footprint of such activities. Apart from Lufthansa Technik’s operations, Conor McCarthy’s Dublin Aerospace has significant facilities at Dublin Airport and at Ashbourne in Meath. Patrick Jordan’s Atlantic Aviation Group in Shannon is also another major player in Ireland.
Lufthansa Technik has dozens of operations around the world. It has facilities in countries including China, Malaysia, Germany, Italy and the US.
Last month, Ryanair’s Michael O’Leary said Shannon was out of the running as a location for one of two new aircraft engine maintenance operations that Ryanair will unveil in coming weeks.
He claimed there was “very little appetite” at government level for the investment in Shannon.
Mr O’Leary said a final decision on the locations of two facilities would be made before Christmas. One will likely be in Poland or one of the Baltic states. Each site will be capable of overhauling about 200 engines a year.
Mr O’Leary said that the airline group expects the cost of engine maintenance to soar in coming years. Having its own overhaul facilities will insulate the group from “rapidly escalating engine repair costs going forward”.
He estimated that the market rate for engine overhaul will eventually jump from the current rate of about $11m to $20m.
The airline is already in advanced negotiations with GE and CFM regarding a long-term engine spares support package, he said.
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