SIA Engineering Company Limited (SIAEC) has announced that its wholly-owned subsidiary, SIA Engineering (Philippines) Corporation (SIAEP) has signed an agreement with North American Aerospace Industries (NAAI), an aircraft part-out specialist, to provide sustainable, end-to-end aircraft recycling solutions.
Under the said agreement, SIAEP and NAAI will collaborate to provide a range of services including aircraft parking and storage, component harvesting, and dismantling activities on aircraft that will be parted out and recycled by NAAI. The program will enhance SIAEC’s support in the aircraft lifecycle eco-system, centered on a sustainable platform that includes the recycling, upcycling, and used-serviceability of materials. The services will be undertaken by SIAEP at its facility in Clark, Philippines.
“We are pleased to secure this agreement with NAAI. With SIAEC Group’s strong technical capabilities, high-quality engineering support, vast experience and understanding of the maintenance, repair and overhaul needs of our customers, we look forward to supporting NAAI in driving sustainable solutions in the aircraft part-out market,” according to Marek Wernicke, General Manager of SIAEP.
The transaction is not expected to have a material impact on the earnings per share or the net tangible assets per share of the SIAEC Group for the financial year ending 31 March 2022. None of the Directors and controlling shareholders of SIAEC has any interest, direct or indirect, in the transaction, other than through their shareholdings, if any, in SIAEC.
Sven Daniel Koechler, Director and Chief Executive Officer of NAAI said, “We are excited and proud to be working with SIAEC. We believe that by securing this agreement with SIAEC, NAAI will be in a better position as a leading aircraft part-out and recycling specialist.”