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New TES Aviation Group jobs forecast as Japanese invest New TES Aviation Group jobs forecast as Japanese invest
(about 1 hour later)
Two Japanese firms have invested tens of millions of pounds in a Bridgend-based aviation company which is predicting an extra 70 jobs by 2015.Two Japanese firms have invested tens of millions of pounds in a Bridgend-based aviation company which is predicting an extra 70 jobs by 2015.
Mitsubishi Corporation has taken a 35% share of TES Holdings, the parent group of TES Aviation Group, which is based on Waterton Industrial Estate.Mitsubishi Corporation has taken a 35% share of TES Holdings, the parent group of TES Aviation Group, which is based on Waterton Industrial Estate.
Another 25% has been bought by the Development Bank of Japan.Another 25% has been bought by the Development Bank of Japan.
The aircraft maintenance business currently employs 127 people and has a turnover of £63m.The aircraft maintenance business currently employs 127 people and has a turnover of £63m.
The shares were sold by DVB Bank SE, which retains 40% of TES Holdings.The shares were sold by DVB Bank SE, which retains 40% of TES Holdings.
Clients include Airbus and Martinair, part of the KLM Group.Clients include Airbus and Martinair, part of the KLM Group.
Ashley Cooper, chief executive of TES Aviation Group, said the company predicted it would employ more than 200 people by 2015, and the turnover would increase to more than £100m.Ashley Cooper, chief executive of TES Aviation Group, said the company predicted it would employ more than 200 people by 2015, and the turnover would increase to more than £100m.
He added: "TES has very exciting times ahead.He added: "TES has very exciting times ahead.
"We will be developing our product range and our service offerings across our global client base and expect significant growth, opportunities and exciting challenges at both our Bridgend HQ and franchise operations in Singapore and the US.""We will be developing our product range and our service offerings across our global client base and expect significant growth, opportunities and exciting challenges at both our Bridgend HQ and franchise operations in Singapore and the US."
Established in 1995, TES has grown from a turnover of £12.6m in 2007 to more than £63m in 2011.Established in 1995, TES has grown from a turnover of £12.6m in 2007 to more than £63m in 2011.
Spare parts
Mr Cooper said a large part of the aircraft engine maintenance business involved replacement parts.
"You have two choices - you either fit new or you fit an overhauled reconditioned as-good-as-new part at half the price. So the market is really driving towards getting quality overhauled inventory at the lowest price, so they can drive down cost."
He said the easiest way to do that was to buy the assets, dismantle them, refurbish them and then provide the parts back.
"So, I buy whole engines, I buy whole aeroplanes.
"If there is some useful life left then we'll lease them out as a spare because when you maintain an engine you take it off, but an airplane needs to continue to fly, so you fit a spare - you lease it.
"Once it becomes un-serviceable and the useful life has been consumed then we dismantle it into pieces, refurbish those pieces then sell them back into the market place," he added.