Lufthansa Technik in talks to sell aircraft maintenance facility in Ireland
Lufthansa Technik is reportedly in preliminary discussions with Cloud Investment Partners about a possible sale of the Lufthansa Technik Airmotive (LTAI) plant in Dublin, Ireland. Cloud Investment is an American investment firm focusing on aviation assets. Irishman and former GPA executive Declan Treacy is among the founding partners of Cloud Investment, Irish Times said.
According to the report, the exploratory talks came at a crucial time for 400 employees at LTAI. Lufthansa Technik is thought to be laying the ground work for a closure around the middle of next year if no other solution could be reached. Irish Times said LTAI on November 15 announced a possible closure of the plant due to declining revenues and shrinking market opportunities.
Treacy told Irish Times that they would be interested in the aircraft maintenance facility. However, the company had not yet discussed the matter with IDA Ireland. Cloud Investment is close to signing a non-disclosure agreement with Lufthansa Technik, he added.
Any deal with LTAI would probably involve retaining the plant's repair, maintenance and testing facilities, the report said.