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Name: SR TECHNICS SWITZERLAND
7JetSet7 Code: SWS
Status: Operational
Region: EUROPE
City: ZURICH
Country: SWITZERLAND
Employees 5300
Web: srtechnics.com
Email: srtechnics@srtechnics.com
Telephone: +41 43 812 1717
Fax: +41 43 813 1323
Sita: ZRHJNXH
Background
(definitions)

Click below for data links:
SWS-1998-09-ACCDT-A
SWS-1998-09-ACCDT-B
SWS-1998-09-ACCDT-C
SWS-1998-09-ACCDT-D
SWS-1998-09-ACCDT-E
SWS-2004-06-NEWS-A
SWS-2004-06-NEWS-B
SWS-2004-07-NEWS
SWS-2004-08-A
SWS-2005-06-A
SWS-2006-05-A
SWS-2006-05-B
SWS-SR TECHNICS MAINTENANCE MRO AD

FORMED IN 1931. FORMERLY THE SWISS NATIONAL CARRIER NAMED "SWISSAIR." LATER BECAME SWISSAIR TECHNICS (SWS), AS A JET AIRPLANE MAINTENANCE, REPAIR & OVERHAUL (MRO) ORGANIZATION.

Address:
PO Box
CH-8058, Zurich Airport, Switzerland

Switzerland (Swiss Confederation) was established in 1291, its covers an area of 41,293 sq km, its population is 7.5 million, its capital city is Berne, and its official languages are French, German, Italian, and Romanche.

MAY 1995: SWISSAIR (SWS) FLEW TO 155 DESTINATIONS.

SWISSAIR (SWS) ACQUIRES 49.5% STAKE IN SABENA AIRLINES (SAB) FOR $207 MILLION.

JULY 1995: 1ST 6 MONTHS = -$72 MILLION (-$42.2 MILLION).

OCTOBER 1995: CODE SHARE WITH AIR CANADA (ACN) IN SUMMER 1996 TO VANCOUVER, CALGARY, ZURICH. ALREADY SHARES TORONTO & MONTREAL, ZURICH.

"CONDE NASTE" MAGAZINE AWARDS SWISSAIR (SWS) 2ND PLACE "BEST AIRLINE" AWARD, WITH SINGAPORE AIRLINES (SIA) 1ST, AND QANTAS AIRWAYS (QAN) 3RD.

DECEMBER 1995: 1 A320-200 (CFM56-5B4), 4TH IN LAST YEAR. 1 MD-82 (JT8D-217C) TO CROSSAIR (CSR).

JANUARY 1996: PHILIPPE BRUGGISSER SUCCEEDS OTTO LOEPFE AS DIRECTOR GENERAL - LOEPFE IS PRESIDENT OF INTERNATIONAL AIR TRANSPORT ASSOCIATION (IATA). TO ELIMINATE -1,600 EMPLOYEES IN NEXT 2 YEARS = -300 TERMINATIONS, -500 IN TECHNICAL SERVICES DUE TO OVER CAPACITY & NON-COMPETITIVENESS. -32,703 GROUP.

NEW ROUTE TO NEWARK (A310) & BASEL TO ATLANTA (DC-10F). CODE SHARE WITH AIR CANADA (ACN) MONTREAL TO ZURICH (ACN) 747 COMBI'S, 280 PAX, 50% MARKET CAPACITY INCREASE OVER 767) SWISSAIR (SWS) MD-11'S.

4 NEW OPERATING DIVISIONS INCLUDING SERVICES: TECHNICAL SERVICES, GROUND HANDLING, INFORMATION SYSTEMS & OTHER SERVICES.

GROUNDS 5 A320/321'S FOR (CFM56-5B) ENGINE CRACKS.

1995 = +8.3% (RPK) TRAFFIC, +7.6% (ASK) CAPACITY, 69.4% LF LOAD FACTOR (+0.5): -$123 MILLION, 1ST -VE. 147 MILLION SF FOR (SWS) GROUP TO CUT -5% EMPLOYEES FROM 33,000.

MARCH 1996: CODE SHARE WITH DELTA AIRLINES (DAL) & AUSTRIAN AIRLINES (AUL) FOR WASHINGTON DULLES GENEVA & VIENNA. NEW ROUTE TO NEWARK.

TO LAY OFF -1,200 EMPLOYEES IN ADDITION TO -1,000 FROM LAST SEPTEMBER 1995 FROM 40,000.

TO ACQUIRE A 15TH MD-11 FOR LONG-HAUL ROUTES. 747-200F TO ATLAS AIR (TLS). 8TH A320-200 (CFM56-5B4) DELIVERY IN LAST YEAR.

APRIL 1996: 3 ORDERS (JUNE 1997) A319'S & 2 ORDERS (JUNE 1997) MD-11'S. 2 ORDERS A320'S FOR TOTAL 18. LAUNCH CUSTOMER FOR A319 & MD-11. SWISSAIR (SWS) TECHNICAL SERVICES CONTRACT FOR THAI INTERNATIONAL (TII)'S 8 A330'S (PW4164), & ALREADY HAS (TII) 8 A300-600'S (PW4158). 1 A319 (CFM56-5B), (ILF) LEASED, 166 PAX. EXTENDED LEASE OF DC-10-30F (46965) FROM GEMINI AIR CARGO (GMN) & WILL BASE IT IN BASEL. ATLAS AIR (TLS) WET-LEASED 747-200F (JT9D-70A) (20827), EX-FEDEX (FED).

17,367 EMPLOYEES (INCLUDING 3,799 FLIGHT CREW (FC) & 3,290 MAINTENANCE TECHNICIANS (MT)).

FISCAL YEAR (FY) 1995, ENDING MARCH 1996 = -147 MILLION SF DUE TO ONE-TIME RESTRUCTURING COST OF 340 MILLION SF.

(http://www.swissair.com).

1 A320-200 (CFM56-5B4) DELIVERY.

AUGUST 1996: 1 A319 (CFM56-5B6) (2ND) DELIVERY.

SEPTEMBER 1996: LAST 6 MONTHS = -$42.6 MILLION.

LOST A PORTION OF (FAA) REPAIR STATION CERTIFICATE DUE TO PROCEDURAL SHORTCOMING IN ONE OF THEIR SHOPS, GRANTED ONLY 6-MONTH EXTENSION FOR
OTHERS UNTIL NEXT REVIEW IN NOVEMBER 1996.

CODE SHARE WITH AUSTRIAN AIRLINES (AUL), SABENA AIRLINES (SAB), & DELTA AIRLINES (DAL).

OCTOBER 1996: SWISSAIR (SWS) & SUBSIDIARY CROSSAIR (CSR) VOTED "BEST AIRLINES IN EUROPE FOR BUSINESS TRAVELERS" BASED ON PUNCTUALITY, CATERING AND FRIENDLY PASSENGER INTERACTION.

(SWS) OWNS 49.5% OF SABENA AIRLINES (SAB), SO TOOK OVER (SAB)'S CARGO OPERATIONS.

3RD A319 (CFM56-5B6/2) DELIVERY.

NOVEMBER 1996: TO HO CHI MINH CITY (SAIGON), VIA BANGKOK.

JOINS WITH AUSTRIAN AIRLINES (AUL) FOR 18.37% STAKE IN UKRAINE INTERNATIONAL (UKR).

1996 = 13.191 BILLION (RPK) PASSENGER TRAFFIC (WORLD #27).

JANUARY 1997: 9 ORDERS A330-200'S TO REPLACE 8 A310-300'S.

4 OPERATING DIVISIONS OF SAIRGROUP: SAIRLINES (AIRLINE BUSINESS); SAIRSERVICES (GROUND HANDLING & ENGINEERING); SAIRLOGISTIC (CARGO & LOGISTICS); SAIRELATIONS (HOTELS, CATERING, TRAVEL). PLANS FOR INTEGRATION OF SWISSAIR (SWS), SABENA AIRLINES (SAB), AND AUSTRIAN AIRLINES (AUL).

AIRLINE OPERATORS GUIDE (AOG) & EXECUTIVE TRAVEL MAGAZINE AWARD TO SWISSAIR (SWS) AS "BEST FIRST CLASS (F) CABIN & BEST SHORT-HAUL BUSINESS CLASS (C)."

1ST AIRLINE WITH IN-FLIGHT GAMBLING ON AN MD-11 - LOSSES LIMITED TO $200 WITH $1/GAME, CASH PRIZE = $3,500, NOT ON FLIGHTS TO USA.

FISCAL YEAR (FY) 1996 ENDING MARCH 1997 FOR SAIRGROUP = -$347.9 MILLION (-$102.9 MILLION) INCLUDING WRITE-OFF OF SABENA AIRLINES (SAB) 49.5% INVESTMENT.

1 A321-100 (CFM56-5B1/2) DELIVERY. 1 MD-81 (JT8D-217C) RETURNED TO MDC. 1 MD-11 (PW4462) DELIVERY.

APRIL 1997: CODE SHARE WITH FINNAIR (FIN) TO HELSINKI.

16,883 EMPLOYEES (INCLUDING 4,395 FLIGHT CREW (FC) & 3,290 MAINTENANCE TECHNICIANS (MT)).

TO 135 CITIES IN 72 COUNTRIES.

SR TECHNICS CONTRACT FOR TECHNICAL SUPPORT INCLUDING HEAVY MAINTENANCE, & COMPONENT SUPPORT FOR CITY BIRD (CBD) 3 MD-11'S.

SWISSAIR (SWS) 3RD IN WORLD AFTER SINGAPORE AIRLINES (SIA) & CATHAY PACIFIC (CAT) FOR BEST COMFORT, SERVICE, TIMELINESS & FOOD OF 61 AIRLINES "PERFORMS LIKE CLOCKWORK OFFERING COMFORTABLE SLIGHTLY CHILLY SERVICE" ACCORDING TO ZAGAT FREQUENT FLYER SURVEY.

FORMS SUBSIDIARY CHARTER-LEISURE WITH 200 EMPLOYEES WITH 2 A310-300'S, EX-(SWS).

IN 1998 TO REPLACE A310-300'S WITH A330-200'S. LOWER SALARY FOR
FLIGHT CREWS BUT THEY HAVE CHANCE TO BE CAPTAINS EARLIER.

1 A320-214 (CFM56-5B4/2) (671) DELIVERY.

MAY 1997: JEFFREY KATZ, COO, AN AMERICAN (EX-PRESIDENT OF AMERICAN AIRLINES (AAL)'S SABRE TRAVEL INFORMATION NETWORK) WILL BECOME CEO 1/98. PHILIPPE BRUGGISSER, WILL REMAIN PRESIDENT & CEO OF SAIRGROUP.

JUNE 1997: TO MARK ITS 50TH YEAR OF TRANS-ATLANTIC OPERATIONS, LEASED
SOUTH AFRICAN AIRWAYS (SAA) MUSEUM SOCIETY'S DC-4 (42984), AND FLEW TO NEW YORK.

1 A319-112 (701) DELIVERY.

JULY 1997: 15TH MD-11 DELIVERY. 135 DOUGLAS AIRPLANES IN 62 YEARS.
1 A319-112 (703) DELIVERY.

AUGUST 1997: COOPERATIVE AGREEMENT CODE SHARE WITH MAERSK AIR (MRS), GENEVA TO COPENHAGEN (737-500).

S-AIR GROUP 1ST 6 MONTHS = +$71.7 MILLION (-$.644 MILLION), 1ST +VE SINCE 1989! SWISSAIR (SWS) = +13.5% (RPK) PASSENGER TRAFFIC.

LAST FLIGHT FOR MD-81 (49750).

SEPTEMBER 1997: CODE SHARE WITH MALAYSIAN AIRLINES (MAS), TO KUALA LUMPUR (777).

CLOSER AGREEMENTS WITH (TAP) PORTUGAL & AOM (MNR).

S-AIR GROUP BUYS 24.5% CARGOLUX (CLX) SHARE FROM LUFTHANSA (DLH).

1 ORDER (MARCH 1998) A320, (ILF) LEASED & 2 ORDERS (MAY 1998) A321-200'S (CFM56-5B1/2), (ILF) LEASED.

OCTOBER 1997: 14,135 EMPLOYEES.

BUYS 34TH AIRBUS (EDS) AIRPLANE: NOW 8 A319'S, 18 +1 ORDER A320'S, 8 +1 ORDER A321'S. EUROPEAN FLEET ALL AIRBUSES, REPLACING A310-200 & MD-81'S. LAST MD-81 FLIGHT NEXT MONTH.

1ST 9 MONTHS = 20,628 MILLION (RPK) PASSENGER TRAFFIC (20TH HIGHEST IN WORLD).

SOLD MD-81 (49571), LEASED TO SPANAIR (SPP).

NOVEMBER 1997: DC-10-30F, GEMINI AIR CARGO (GMN) WET-LEASED FOR HONG KONG AND KIGALI/ENTEBBE SERVICES FROM NEW BASE AT BRUSSELS.

DECEMBER 1997: LETTER OF INTENT (LOI) 5/5 ORDERS A340-600'S (ONE OF LAUNCH CUSTOMERS).

GLOBAL EXCELLENCE ALLIANCE CANCELLED. ATLANTIC EXCELLENCE ALLIANCE CONTINUES WITH SABENA AIRLINES (SAB), DELTA AIRLINES (DAL), & AUSTRIAN AIRLINES (AUL).

4 MD-11'S (PW4460) (48484; 48485; 48486; 48538) EX-(LTU) (OCTOBER 1998). +6 ORDERS (OCTOBER 1997). A330-200'S, & 9 ORDERS (2002) A340-600'S, 23 OPTIONS A330/A340'S. 1 MD-11 (48541) DELIVERY.

JANUARY 1998: MEMO OF UNDERSTANDING (MOU) TO TAKE "SUBSTANTIAL" MINORITY STAKE 30% AIR ONE (ADH) TO GAIN ACCESS TO ITALY'S RICH & CROWDED NORTHERN REGION.

CITY OF ZURICH SELLS 2.1% SHARES BACK TO SWISSAIR (SWS) FOR $21.9 MILLION.

CODE SHARE WITH TURKISH AIRLINES (THY), GENEVA - ISTANBUL. ZURICH - (BANGKOK) - HO CHI MINH CITY (MD-11).

1997 = +7.5% (ASK) CAPACITY, 70.5% LF LOAD FACTOR (+5.9), 10.8 MILLION PASSENGERS (PAX) (+22.4%). GROUP = +$223 MILLION (-$343 MILLION).

ANOTHER MD-81 TO SCANDINAVIAN AIRLINES (SAS).

FEBRUARY 1998: TO SAN FRANCISCO (SFO) (10TH USA GATEWAY!) (MD-11).

SAIRGROUP = 40,000 EMPLOYEES: SAIRLINES, SAIRSERVICES, SAIRLOGISTICS &
SAIRRELATIONS.

MARCH 1998: SR TECHNICS TO DO FEDEX (FED) DC-10'S TO MD-10F FLIGHT
DECK MODIFICATIONS.

TAKES 33.7% OF CARGOLUX (CLX).

SR TECHNICS 3 YEAR MAINTENANCE CONTRACT FOR VOLARE (VLE) 2 A320'S.

LAUNCHES "QUALIFLYER" GROUP ALLIANCE OF SWISSAIR (SWS), SABENA AIRLINES (SAB), AUSTRIAN AIRLINES (AUL), (TAP) AIR PORTUGAL, TURKISH AIRLINES (THY), & AOM (MNR). (SWS) TO TAKE 20% IN (TAP).

16,833 EMPLOYEES (INCLUDING 4,395 FLIGHT CREW (FC) & 3,290 MAINTENANCE TECHNICIANS (MT)).

MD-80 (1440) SOLD TO LEASING CO, TO SPANAIR (SPP).

APRIL 1998: TO BAKU, RIGA, SAMARA, T'BLISI, AND YEREVAN (CROSSAIR - (CSR) MD-83). TO SAN FRANCISCO (SFO) (MD-11).

MAY 1998: LUDWIG BERTSCH, PRESIDENT & CEO, SAIRGROUP CARGO.

A321-111 (827) DELIVERY.

JUNE 1998: CODE SHARE WITH AIR-INDIA (AIN) ZURICH/GENEVA TO MUMBAI/NEW DELHI. TO MALABO, EQUATORIAL GUINEA (MD-11) FOR 19TH AFRICAN DESTINATION. TO SKOPJE, MACEDOMIA (A319).

SR TECHNICS HEAVY MAINTENANCE CONTRACT FOR 2 THAI INTERNATIONAL (TII) MD-11'S.

JULY 1998: MEMO OF UNDERSTANDING (MOU) FOR CODE SHARE WITH CATHAY PACIFIC (CAT) TO HONG KONG. CODE SHARE WITH JAPAN AIRLINES (JAL) TO TOKYO/OSAKA.

1997 TOP WORLD AIRLINES COMPARISONS:
EMPLOYEES (1,000): 17 IND 23; 18 IBE 22; 19 SAS 22; 20 ACN 22; 21 TII 22; 22 PIA 21; 23 AIN 19; 24 ALI 19; 25 VAR 18; 26 JAL 17; 27 KAL 17; 28 ANS 17; 29 SWS 17.

NET ($ MILLION): 12 AFA 314 (-28); 13 ACN 308 (109); 14 KLM 303 (-33); 15 SAS 283 (265); 16 ALI 256 (-780); 17 CINTRA 244 (273); 18 SWS 223 (343); 19 CAT 219 (493); 20 QAN 198 (186).

(RPK) PASSENGER TRAFFIC (BILLION): 16 TWA 41; 17 KAL 40; 18 CAT 39; 19 ACN 37; 20 ALI 36; 21 TII 31; 22 IBE 27.7; 23 SWS 27.5; 24 AMW 26.

PASSENGERS (PAX) (MILLION): 18 JAS 17; 19 IBE 15; 20 GUN 15; 21 TII 15; 22 KLM 15; 23 ACN 14; 24 ANS 13; 25 ASA 12; 26 SWS 11.5.

(FTK) FREIGHT TRAFFIC (BILLION): 11 UAL 3.2; 12 CHI 2.8; 13 EVA 2.7; 14 DAL 2.5; 15 CLX 2.4; 16 AAL 2.4; 17 PAO 1.9; 18 SWS 1.83; 19 NCA 1.81.

AUGUST 1998: SWISSAIR TECHNICS TO DO WORLD'S 1ST HEAVY MAINTENANCE CHECK ON A330-300 IN OCTOBER 1998 ON A SABENA AIRLINES (SAB) AIRPLANE.

RESUMES FLIGHTS TO ANKARA, TURKEY, USING TURKISH AIRLINES (THY) 737 AS PART OF "QUALIFLYER" MARKETING ALLIANCE.

+1 ORDER (MAY 1999) A319 & 1 ORDER (DECEMBER 1999) A321, BOTH (ILF) 10 YEAR LEASED.

SEPTEMBER 1998: S-AIR GROUP CONSIDERING PROPOSAL BY SUBSIDIARY CROSSAIR (CSR) TO LEASE 2 767'S FOR TRANSATLANTIC SERVICE TO USA (NEW YORK, ATLANTA, & LOS ANGELES (LAX).

WILL OFFER TECHNICAL SUPPORT TO "SWAN" SWISS WORLD AIRWAYS (SWI).

TO FORM NEW CHARTER COMPANY DERIVED FROM LTU AIRLINES (LTU).

SWISSAIR TECHNICS DOING "4C" CHECK ON MD-11 (/91 35 06), EX-GARUDA INDONESIA (GIA), BOEING (TBC) ENTERPRISES OWNED .

ACCDT: (SWS) MD-11 (48448) CRASHES INTO ATLANTIC OCEAN NEAR HALIFAX, NOVA SCOTIA, AFTER TAKE OFF FROM NEW YORK (JFK) WITH REPORTED SMOKE IN COCKPIT = ALL 14 (FC)-(CA)/215 PASSENGER FATALITIES. LATER, THE TRANSPORT CANADA REPORT CONCLUDED THE FATAL FIRE "MOST LIKELY STARTED" WITH AN ELECTRICAL ARCING EVENT INVOLVING ONE OR MORE WIRES BELONGING TO THE MD-11'S IN-FLIGHT ENTERTAINMENT SYSTEM.

NEW ROUTES TO SANA'A (A310) & LONDON STANSTED (A319).

IN DECEMBER 1998, NONSTOP NEWARK - EUROAIRPORT BASEL-MULHOUSE-FREIBURG, CODE SHARE WITH DELTA AIRLINES (DAL) (A310-300, THEN SEPTEMBER 1999 TO A330). CODE SHARE WITH QANTAS AIRWAYS (QAN) TO SYDNEY, VIA SINGAPORE.

SAIRGROUP TAKES 44% STAKE IN AIR LITTORAL, NOW 10TH MEMBER OF "QUALIFLYER," INCLUDING 14 ATR42'S, 14 CRJ'S, 5 F 70'S, 6 BEECH 1900'S & 1 F 100.

OPERATES NEW A330-223 TO PARIS, BEFORE PLACING IT ON INTERCONTINENTAL ROUTES, 224 PAX, 3 CLASS. LONG-HAUL FLEET EVENTUALLY WILL CONSIST OF 15 A330'S & 9 A340-600'S.

$295 MILLION FOR 49.9% STAKE IN (LTU).

A330-223 (229) DELIVERY (PW4168A).

OCTOBER 1998: SAIR GROUP BUYS 34% STAKE IN VOLARE AIRLINES (VLR), AN ITALIAN CHARTER OPERATOR.

1ST 6 MONTHS SAIR GROUP = +$84.3 MILLION.

IN DECEMBER 1998, BASEL-MULHOUSE TO NEWARK (A310-300).

SAIR GROUP (SWS) BUYS 45% OF AIR EUROPE ITALY (EIY).

1ST 5 MONTHS = 11.6 BILLION (RPK) TRAFFIC (+13%), 803 MILLION (FTK) FREIGHT TRAFFIC (+13%), 4.95 MILLION PASSENGERS (PAX) (+14%).

NOVEMBER 1998: A330-223 (240) DELIVERY. PLANS TO CONVERT 5 747-300'S TO FREIGHTERS IN 2000 & END CONTRACT WITH GEMINI AIR CARGO (GMN).

CODE SHARE WITH DELTA AIRLINES (DAL) EXTENDED BEYOND ZURICH TO KRAKOW, POLAND.

4 MD-11'S (48484; 48485; 48486; 48538), EX-(LTU). A321-111 (891), (ILF) LEASED.

FEBRUARY 1999: BUYS 49% STAKE IN AOM FRENCH AIRLINES (MNR).

2 A330-223 (253, HB-IQD; 255, HB-IQE) DELIVERIES.

MARCH 1999: 15 YEAR CONTRACT FOR CATHAY PACIFIC (CAT) 11 A340'S (CFM56-5C4) ENGINES MAINTENANCE (20 SHOP VISITS/YEAR).

SAIR GROUP (SWS) 1998 = +$248 MILLION (+11%). PLANS TO INCREASE TO +45% (ASK) CAPACITY BY 2001 AND INCREASE PRODUCTIVITY BY +25%.

BY 2006, FLEET OF A320/330/340'S TO REPLACE REMAINING 747'S, MD-11'S, & A310'S.

QUALIFLYER PARTNERS ARE AUSTRIAN AIRLINES (AUL), SABENA AIRLINES (SAB), TYROLEAN, TAP AIR PORTUGAL (TAP), TURKISH AIRLINES (THY), AOM (MNR), LAUDA AIR (LAL), CROSSAIR (CSR) & AIR LITTORAL.

(AUL) & CODE SHARE DELTA AIRLINES (DAL) PARTNERS HAVE GONE TO 2 CLASS BUT ALL OTHERS ARE 3 CLASS.

NOW HAS MULTI-HUB NETWORK: ZURICH, VIENNA, & BRUSSELS.

(SWS) HAS 7,335 EMPLOYEES. FLIES TO 163 DESTINATIONS.

A321-111 (987, HB-IOK), A330-222 (262, HB-IQF) DELIVERIES. 2 A310-322'S, 10 YEAR LEASED TO BALKAN BULGARIAN (BUL). A310-322 (399) RETURNED TO (ILF) TO HAPAG LLOYD (HAP).

APRIL 1999: HAS 20% OF (TAP) WITH OPTION FOR ADDITIONAL +10% BY
YEAR 2003.

9,061 EMPLOYEES (INCLUDING 1,173 FLIGHT CREW (FC) & 3,142 CABIN ATTENDANTS (CA)).

SITA: ZRHDRSR.

IN MAY 1999, CODE SHARE WITH DELTA AIRLINES (DAL), ATLANTA TO LIMA, PERU.

SR TECHNICS 3 YEAR, $8 MILLION CONTRACT FOR COMPONENT MAINTENANCE FOR 6 GARUDA INDONESIA (GIA) A330-300'S.

A320-214 (870, HB-IJT) DELIVERY.

MAY 1999: SR TECHNICS PLANS NEW 16,000 SQ FT ENGINE MAINTENANCE & REPAIR FACILITY, TO BE COMPLETE BY 3RD QUARTER 1999 & 250,000 SQ FT HANGAR (4 WIDEBODIES) TO BE COMPLETE BY 2004 FOR A340-500/-600'S & (TRENT 500) ENGINES.

A319-112 (1018, HB-IPR) & A330-223 (275, HB-IQG) DELIVERIES.

JUNE 1999: SAIRGROUP LEASING SUBSIDIARY, FLIGHTLEASE HAS STANDARDIZED ON ITS CHARTER AFFILIATE LONG-HAUL FLEET WITH $450 MILLION 4/4 ORDERS 767-300ER (PW4000) WITH SOBELAIR (SBL) TO RECEIVE 1ST 2 IN MARCH 2000, AND BALAIR/CTA (BLB) TO TAKE THE 2ND TWO IN JULY 2000. AIRPLANES WILL BE OPERATED BY BALAIR/CTA (BAL), (SBL), (LTU), AND AIR EUROPE ITALY (EIY) AS PART OF EUROPEAN LEISURE GROUP.

SELLS 4.6% STAKE IN DELTA AIRLINES (DAL) AFTER (DAL)'S ANNOUNCEMENT OF AIR FRANCE (AFA) AS ITS USA "ALLIANCE" PARTNER.

TO STREAMLINE BY -600 JOBS AND FORMING JOINT MANAGEMENT GROUP WITH SABENA AIRLINES (SAB), BASED IN BRUSSELS. WITH (SAB), FORMS ATLANTIC "ALLIANCE" WITH AMERICAN AIRLINES (AAL), INCLUDING CODE SHARE ZURICH & BRUSSELS TO MIAMI (MIA), BOSTON, & CHICAGO (ORD). TO BENGHAZI, LIBYA (A320).

SAIRGROUP (SWS) BUYS 20% OF SOUTH AFRICAN AIRWAYS (SAA) FOR $231 MILLION.

747-357 (22704) SOLD.

1ST 5 MONTHS = 13.25 BILLION (RPK) TRAFFIC (+13.8%), 791.1 MILLION (FTK) FREIGHT TRAFFIC (-1.5%), 5.55 MILLION PASSENGERS (PAX) (+12.2%).

1998 TOP WORLD AIRLINES - TRAFFIC (RPM) (BILLION):
19. ALI 22.10; 20. TII 21.34; 21. IBE 20.19; 22. KAL 19.95; 23. MAS 18.25; 24. SWS 17.43; 25. CDI 16.70; 26. AMW 16.36; 27. VAR 16.25; 28.
SAS 12.98; 29. CHI 12.64; 30. VAA 12.27.

JULY 1999: SAIR GROUP BUYS 42% STAKE IN PORTUGALIA FROM STAKE HELD BY GRUPO ESPIRITO SANTO. THIS STAKE IN THE PRIVATELY OWNED REGIONAL CARRIER FOLLOWS THE PREVIOUS PLANS TO TAKE A STAKE IN (TAP) AIR PORTUGAL. PORTUGALIA OPERATES 12 AIRPLANES TO 20 DESTINATIONS.

SR TECHNICS HAS CANADA 3000 (ATW) CONTRACT FOR 3 A330-200'S STARTING 10/99.

SAIR GROUP INDICATES INTEREST IN STAKE IN MALEV (HGA) IF IT PRIVATIZES.

AUGUST 1999: SR TECHNICS HAS 5 YEAR HEAVY MAINTENANCE CONTRACT FOR TAROM (TRM) 2 A310-300'S (636; 644).

EUROPEAN COMMISSION (EC) OK'S SAIRGROUP BUY OF 49% AOM AIRLINES (MNR) FOR $70M, WHICH IT IS BUYING JOINTLY WITH FRENCH FINANCE GROUP MARINE WENDEL. AOM HAS 27 AIRPLANES AND 2,400 EMPLOYEES.

SAIR GROUP FISCAL YEAR (FY) 1998 = +$234M (+$210M) (+11.4%): 28.04B RPK (+11.1%), 11.94M PAX (+11.6%), 72.4% LF (+1.8). SAIR GROUP 1ST 6 MONTHS = +$57M (-32%), DUE TO ATLANTIC & EUROPEAN OVERCAPACITY, AIR TRAFFIC CONTROL DELAYS, AND THE KOSOVO CRISIS: +14.3% ASK.

747-357 (576-22705) SOLD TO DARTMORE ASSOCIATES.

1998 SWISSAIR (SWS) = +249.1M (+$225.7M): 17.43B RPM (+11.1%), 3.22B FTM (+7.7%).

SEPTEMBER 1999: SAIRGROUP LEASING ARM, FLIGHTLEASE (FLL) WITH ITS
USA PARTNER GATX (GAX), MAKES $1.62B: 12 ORDERS A318'S, 10 A320'S,
10 A321'S, & 6 A330-200'S FOR (SWS) AND ITS QUALIFLYER GROUP MEMBERS, SAID HANS-JORG HUNZIKER, PRESIDENT FLIGHTLEASE.

SR TECHNICS: CONTACT: T TALAAT, VP SALES AND MARKETING (mwuermli@sairgroup.com): HANGARS FOR 7 WIDE BODIES, AND 9 NARROW BODIES AIRPLANES, INCLUDING "A" - "D" CHECKS FOR DC-10'S, MD-11'S, MD-80'S, A310'S, A319'S, A320'S, A321'S, A330/340'S, & "A" - "C" CHECKS FOR 747'S.

SWISSAIR (SWS) SOLD ITS 0.62% STAKE (8M SHARES) IN SINGAPORE AIRLINES (SIA) FOR $81M.

A330-223 (294, HB-IQJ) DELIVERY.

1ST 8 MONTHS = 22.60B RPK (+13%), 9.51M PAX (+11%), 1.27B FTK (-2%).

OCTOBER 1999: LOT POLISH (LOT) SELECTS SAIRGROUP (SWS) AS ITS STRATEGIC PARTNER. (SWS) INITIALLY BUYS 10% (LOT)'S CAPITAL, & BY END OF 1999, WILL ACQUIRE 37.6% STAKE.

TO WASHINGTON DULLES (A330-200).

2 A310-322's (404; 672) RETURNED TO LESSOR. A330-223 (299, HB-IQK) DELIVERY.

NOVEMBER 1999: 747-400F, CARGOLUX (CLX) WET-LEASED, REPLACES 1 DC-10-30F, GEMINI WET-LEASED (GMN), FOR SWISSCARGO, BASEL - MUMBAI - HONG KONG.

6 MONTHS ENDING 9/99 SAIR GROUP = +$577 MILLION (+$468 MILLION).

A330-223 (305, HB-IQL), LEASED TO NOVAIR (NOO).

DECEMBER 1999: TO BERGAMO, ITALY. 1ST AIRLINE TO OFFER WIRELESS CHECK-IN USING WIRELESS APPLICATION PROTOCOL (WAP).

1 ORDER A320-314 (1179) FLIGHTLEASED. 1 A330-223 (312, HB-IQN) DELIVERY.

JANUARY 2000: RETIRES ITS LAST 747-300.

SR TECHNICS BUYS HANGAR IN PALMDALE, CALIFORNIA, TO OFFER MAINTENANCE REPAIR & OVERHAUL (MRO) SERVICE AS "SR TECHNICS AMERICA" TO FOCUS ON DC-10/MD-10 CONVERSIONS AS PART OF GLOBAL EXPANSION. 1M SQ FT HANGAR BOUGHT FROM BOEING IS ADJACENT TO PLANT 42, PALMDALE, 60 MILES NORTH OF LOS ANGELES (LAX).

SWISSAIR (SWS) AND SABENA AIRLINES (SAB) SIGN UP FOR "europebyair.com."

FEBRUARY 2000: AS PART OF PARTIAL PRIVATIZATION OF (TAP) AIR PORTUGAL, COMPLETES 34% STAKE IN (TAP).

JOINT 50/50 VENTURE WITH ROLLS-ROYCE FOR NEW MAINTENANCE REPAIR & OVERHAUL (MRO) TO SERVICE TRENT ENGINES IN EUROPE AND AFRICA IN 2001.

IN 3/00, CODE SHARE WITH EL AL (ELA) GENEVA TO TEL AVIV.

7,768 EMPLOYEES.

SAIRGRP (SWS), CROSSAIR (CSR), & BALAIR (BAL) 1999 = +8.9% RPK, +8% ASK, +16.6% PAX, 69.5% LF (+.5). (SWS) = +15.5% RPK, +15% ASK, 72.7% LF (+.4).

SAIRGRP INFORMATION TECHNOLOGY UNIT, ATRAXIS HAS 12-YEAR CONTRACT TO MANAGE SOUTH AFRICAN AIRWAYS (SAA) INFORMATION TECHNOLOGY (IT) ACTIVITIES.

MARCH 2000: SR TECHNICS 5 YEAR GLOBAL EXPANSION VENTURES NOW ON 4 CONTINENTS WITH LINE MAINTENANCE AT PARIS ORLY (WITH AOM - [MNR]), COMPONENTS IN HONG KONG (WITH CATHAY PACIFIC [CAT]), HEAVY MAINTENANCE IN JOHANNESBURG (SOUTH AFRICAN AIRWAYS [SAA]), TRENT ENGINE WORK, ROLLS ROYCE (RR), +CONVERSION/HEAVY MAINTENANCE CHECK SHOP IN PALMDALE, CALIFORNIA (WITH BOEING). SR TECHNICS 15-YEAR MAINTENANCE CONTRACT FOR 6 MARTINAIR (MTH) MD-11'S.

CODE SHARE WITH THAI INTERNATIONAL (TII) TO BANGKOK.

SAIR GROUP 1999 = 273 MILLION SF (-25%). SWISSAIR (SWS) = +15.5% (RPK) TRAFFIC, +15% (ASK) CAPACITY, 72.7% (LF) LOAD FACTOR(+.4). (SWS) ACCOUNTS FOR 40% OF SAIR GROUP REVENUE.

SR TECHNICS HAS MONARCH AIRLINES (MON) "C" CHECK MAINTENANCE FOR 2 A330-300'S (261; 265).

APRIL 2000: 2 ORDERS (2004-02) A340-600'S (TRENT 500), (ILF) 10 YEAR
LEASED.

16,156 EMPLOYEES (INCLUDING 1,173 FLIGHT CREW (FC), & 3,142 CABIN ATTENDANTS (CA)).

SITA: ZRHDRSR.

TO INCREASE STAKE IN SABENA AIRLINES (SAB) FROM 49.5% TO 85%. PLANS TO TAKE A SMALL STAKE IN TRANSBRASIL (TBL).

MAY 2000: BRITISH AIRWAYS (BAB) SELLS ITS CONTROLLING STAKE IN AIR LIBERTE (ALB) TO TAITBOUT ANTIBES (DUTCH FINANCIAL INSTITUTION) FOR $72.31M. TAITBOUT OWNS 50.1% AOM (MNR) & 18% IN AIR LITTORAL. SAIRGROUP OWNS 49.9% (AOM) & 49% IN AIR LITTORAL. SWISSAIR (SWS) WILL MAKE OPTIMAL USE OF SYNERGIES OF 3 AIRLINES TO FORM 2ND LARGEST AIRLINE GROUP IN FRANCE.

ERIC HONEGGER, CHAIRMAN, REPLACES HANNES GOETZ, WHO RETIRED.

JUNE 2000: CODE SHARE WITH THAI INTERNATIONAL (TII) TO BANGKOK.

1 A330-200 (PW4168A) (343, HB-IQO), FLIGHTLEASED.

JULY 2000: JEFF KATZ, CEO, RESIGNED TO JOIN ORBITZ TRAVEL WEB SITE, REPLACED BY PHILIPPE BRUGGISSER.

SWISSAIR (SWS) AND OTHER 10 MEMBERS OF QUALIFLYER GROUP: SABENA AIRLINES (SAB), CROSSAIR (CSR), (TAP) PORTUGAL, (LOT), AOM (MNR), AIR EUROPE ITALY (EIY), VOLARE (VLR), TURKISH AIRLINES (THY), PORTUGALIA, & AIR LITTORAL SIGNED AGREEMENT WITH lastminute.com FOR "COMPETITIVE RATES."

(SWS) NAMED "BEST MANAGED AIRLINE" BY AVIATION WEEK/SPACE TECHNOLOGY MAGAZINE.

SWISSCARGO AGREEMENT WITH (MAS)KARGO FOR JOINT SERVICE, BASEL TO KUALA LUMPUR (747-200F) TO HAHN & CHICAGO - EUROPE.

1999 TOP WORLD AIRLINES COMPARISONS:
PASSENGER TRAFFIC (RPK) (BILLION): 18 ACN 39; 19 TII 38.5; 20 ALI 36.7; 21 KAL 36.7; 22 IBE 35.4; 23 SWS 34.7; 24 MAS 32.2; 25 AMW 28.5.

NET PROFIT ($ MILLION): 16 SAS 217; 17 AMW 201; 18 ASA 196; 19 JAL 187; 20 SWS 171; 21 IBE 154; 22 ACN 147; 23 TII 140; 24 ANZ 114.

(FTK) FREIGHT TRAFFIC (BILLION): 15 NWA 3.02; 16 AAL 2.51; 17 NCA 2.22; 18 MTH 2.06; 19 DAL 1.98; 20 SWS 1.95; 21 LAN 1.74; 22 TII 1.67; 23 BEJ 1.64; 24 ALI 1.61.

SAIR GROUP 1999 = +$170.82 MILLION (+$225.88 MILLION): 34.67 BILLION (RPK) (+14%); 1.95 BILLION (FTK) (-1%); 14.5 MILLION (PAX) (+12%); 18,157 EMPLOYEES.

AUGUST 2000: SAIRGROUP TO EXPAND TO ARGENTINA, WITH PLANS FOR $60 MILLION MAINTENANCE CENTER FOR AIRBUS AIRPLANES AT EITHER EZEIZA INTNL AIRPORT, BUENOS AIRES OR AT SOME OTHER SITE IN INTERIOR OF THE COUNTRY.

1ST 6 MONTHS SAIRGROUP = +$1.75 MILLION.

SR TECHNICS AMERICA BEGINS OPERATIONS AT PALMDALE 1M SQ FT FACILITY ADJACENT TO USAF PLANT 42, WITH 1ST OF 25 FEDEX (FED) DC-10-10'S TO HAVE ADVANCED COMMON FLIGHT DECK AS PART OF BOEING AIRPLANE SERVICES (BAS) MD-10 CONVERSION PROGRAM.

OCTOBER 2000: TO PRISTINA, KOSOVO (A320).

NOVEMBER 2000: NEXT MONTH, CODE SHARE WITH SRILANKAN (LNK) TO COLOMBO. CODE SHARE WITH AMERICAN AIRLINES (AAL) TO BUCHAREST, LARNACA, CYPRUS, TBILISI, GEORGIA, AND PARIS.

DECEMBER 2000: 1 A330-223 (PW4168) (305), EX-NOVAIR (NOO), FLIGHTLEASED (FLL).

TO COMBAT "AIR RAGE," CABIN ATTENDANTS GIVEN THE OK TO SLAP PASSENGERS WHO SEXUALLY HARASS THEM AND CAN RETALIATE AGAINST UNRULY PASSENGERS BY TYING THEM UP IN THEIR SEATS WITH PLASTIC HANDCUFFS.

JANUARY 2001: PHILIPPE BRUGGISSER, CEO SAIR GROUP, STEPS DOWN & IS TEMPORARILY REPLACED BY ERIC HONEGGER, CHAIRMAN OF SAIRGROUP. MORITZ SUTER, CEO OF CROSSAIR (CSR) WILL MANAGE THE AIRLINE SWISSAIR (SWS). AIMS TO SHIFT ITS FOCUS FROM ACQUISITIONS TO IMPROVING AIRLINE PROFITS. BEAT SCHAR, CEO, (SWS).

FEBRUARY 2001: 2000 = +9.3% (RPK), +8.3% (ASK), 73.3% (LF) (+.6), 15.05 MILLION (PAX) (+7.4%).

NEXT MONTH, CODE SHARE WITH IBERIA AIRLINES (IBE) TO BUDAPEST (ONEWORLD).

MARCH 2001: CONSIDERING MERGING SUBSIDIARIES, BALAIR (BCT) WITH CROSSAIR (CSR). BALAIR OPERATES CHARTERS ON BEHALF OF TOUR OPERATOR, HOTELPLAN. SWISS TRAVEL COMPANY, KUONI, ANOTHER IMPORTANT BALAIR CUSTOMER, IS NOW USING EDELWEISS AIR (A330), SO BUSINESS IS EXPECTED TO DECLINE.

MORITZ SUTER, (CEO), SWISSAIR (SWS) STEPS DOWN, CITING HIS INABILITY TO TACKLE THE TASK WITH SUFFICIENT LIKELIHOOD OF SUCCESS UNDER THE
CURRENT SAIRLINES MANAGEMENT STRUCTURE." MARIO CORTI, CHAIRMAN & ACTING (CEO) SAIRGROUP, REPLACES ERIC HONEGGER. CORTI WAS PREVIOUSLY (CFO) OF NESTLE.

APRIL 2001: SAIR GROUP 2000 = -$1.7 BILLION, BLAMING BAD INVESTMENTS IN BELGIUM, FRENCH AND GERMAN AIRLINES, "WORST YEAR IN HISTORY," (+$165 MILLION): SABENA AIRLINES (SAB) LOST -$284 MILLION ; FRENCH AIRLINES (AOM), (ALB) & AIR LITTORAL, TOGETHER -$344 MILLION; (LTU) -$196 MILLION; SWISSAIR (SWS) -$112 MILLION: $155 MILLION FUEL COSTS (+56%). DECIDES TO STOP PROVIDING FUNDS FOR AIR LITTORAL (14 ATR 42'S; 19 CRJ'S; 5 F 70'S; & 1 F100), WHO ONLY CURRENTLY HAVE FUNDS TO LAST ANOTHER 2 MONTHS. PLANS BY END OF 2002, TO INTEGRATE BALAIR (BCT) INTO CROSSAIR (CSR).

SHAREHOLDERS DEMAND INVESTIGATION INTO ENORMOUS 2000 LOSS.

SAIR GROUP TO BE RENAMED SWISSAIR GROUP. PLANS TO PULL OUT OF ITS CURRENT SHAREHOLDINGS IN AOM (MNR) & AIR LIBERTE (ALB). FRENCH TOUR OPERATOR, NOUVELLES FRONTIERES MAY BE INTERESTED IN TAKING A STAKE IN A RESTRUCTURING DEAL.

MAY 2001: 1 A330-223 (366, HB-IQP), (ILF) LEASED.

JUNE 2001: ITS SUBSIDIARY, FLIGHTLEASE (FLL) WILL EXIT 3RD PARTY LEASING BUSINESS AND CONCENTRATE ON AIRPLANES NEEDED FOR THE SWISSAIR GROUP. GATX (GAX) FLIGHTLEASE WILL RESTRUCTURE ITS PORTFOLIO, AND CURRENT/ON ORDER AIRPLANES WILL BE DIVIDED BY THE COMPANIES.

JULY 2001: 1 A330-200 (366), EX-FLIGHTLEASE (FLL), (ILF) 5 YEAR LEASED ALONG WITH EXISTING 1 A319 (734), & 3 A321'S (517; 519; 987), (ILF) LEASED.

SELLS ITS 49% STAKE IN AIR LITTORAL TO ITS FORMER CHAIRMAN.

AUGUST 2001: SWISSAIR (SWS) AS OWNER OF 49% (LTU), INJECTS EUR 300 MILLION INTO ITS SUBSIDIARY, AND AGREES TO COVER ALL LOSSES THROUGH 2005. THIS RAISES QUESTIONS REGARDING MARIO CORTI, CHAIRMAN & (CEO) COMMITMENT TO BE UNWILLING TO FUND MONEY-LOSING SUBSIDIARIES SUCH AS RECENT WITHDRAWALS FROM SABENA AIRLINES (SAB) AND AOM (MNR)/AIR LIBERTE (ALB).

TO LAY OFF -1,000, INCLUDING GROUND STAFF, PILOTS (FC) AND CABIN CREW (CA). MANAGEMENT WILL BE REDUCED BY -5%.

1ST 6 MONTHS = -$140 MILLION.

(SWS) INFORMATION TECHNOLOGY (IT) GROUP SUBSIDIARY PROVIDER "ATRAXIS" AND LUFTHANSA (DLH) SYSTEMS GROUP MERGE.

SEPTEMBER 2001: FOLLOWING AIRLINE INDUSTRY DOWNTURN, WILL LAY OFF -3,000 EMPLOYEES. ALSO, WILL MERGE CROSSAIR (CSR) INTO SWISSAIR TO FOUND A NEW AIRLINE CALLED "SWISS AIR LINES." ANDRE DOSE, (CEO) OF (CSR) WILL BECOME NEW (CEO) OF SWISS AIR LINES. HANS ULRICH BEYELER, REMAINS PRESIDENT AND (CEO), SR TECHNICS. KLAUS KNAPPIK, PRESIDENT & (CEO), SWISSCARGO. MARIO CORTI, CHAIRMAN & (CEO), SWISSAIR GROUP, OUSTED ROLF WINIGER, WOLFGANG WERLE, AND BEAT SCHAR, FORMERLY (CEO) SWISSAIR.

IS IN SERIOUS DANGER OF GOING BANKRUPT AND GOING OUT OF BUSINESS IF A LAST-MINUTE RESCUE INITIATIVE FAILS TO MATERIALIZE. SWISSAIR GROUP LOST $1.83 BILLION IN FISCAL YEAR (FY) 2000 DUE TO ITS DISASTROUS EXPANSION STRATEGY & CURRENT GLOBAL AIRLINE CRISIS.

OCTOBER 2001: SUSPENDS OPERATIONS.

SELLS 70.4% STAKE IN CROSSAIR (CSR) TO SWISS BANKS: UBS & CREDIT SUISSE FOR CHF258.8 MILLION. (UBS) TOOK 51% OF INVESTMENT, CREDIT SUISSE 49%. (CSR) BEGINS OPERATING (SWS)'S EUROPEAN FLIGHTS. AFTER A TIME OF INDESCRIBABLE CHAOS IN SWISS AVIATION, (SWS) RECEIVES CHF450 MILLION LOAN FROM GOVERNMENT AND MAKES PLANS FOR RESUMING FLIGHTS. 2 OTHER (SWS) GROUP SUBSIDIARIES, SWISSCARGO AND CARGOLOGIC FILE FOR BANKRUPTCY PROTECTION. CROSSAIR (CSR) WILL TAKE OVER TWO-THIRDS OF SWISSAIR (SWS) FLYING OPERATIONS BY END OF THIS MONTH INCLUDING 52 (SWS) AIRPLANES, INCLUDING LEASES FROM FLIGHTLEASE (FLL) FOR 13 MD-11'S; 6 A319'S; 20 A320'S; & 13 A330-200'S. (CSR) WILL EMPLOY 5,000 OF (SWS) STAFF. (SWS) WILL CUT -9,000 JOBS INCLUDING -4,500 IN SWITZERLAND (-200 FC; -1,000 CA). HQ WILL BE DISSOLVED SHORTLY. (CSR) SAID THAT (SWS) PILOTS WILL BE OFFERED JOBS AT 64% OF THEIR CURRENT SALARIES.

NOVEMBER 2001: GOVERNMENT REFUSES TO PROVIDE EMERGENCY CASH FOR SWISSAIR TECHNICS PUTTING ITS SURVIVAL IN QUESTION. LATER GOVERNMENT FINANCE MINISTRY OK'S $62.5 MILLION BRIDGE LOAN TO SWISSAIR TECHNICS.

FEDEX (FED) CANCELS ITS BUY OF 15 (SWS) MD-11'S. SWISSAIR (SWS) CANCELS 9 ORDERS A340-600'S.

APRIL 2002: LACK OF FINANCIAL DATA HAS PUT LUFTHANSA TECHNIK (LTK) (DLH) BID FOR SWISSAIR TECHNICS IN STALEMATE. SWISSAIR TECHNICS RECEIVED A WELCOME BOOST WITH THE HEAVY MAINTENANCE CONTRACT FOR THE 52 EX-SWISSAIR (SWS) AIRPLANES, NOW PART OF THE NEW SWISS AIRLINE (CSR).

May 2002: 2001 Top World Airlines by Passenger Traffic (RPK) BILLION:
1 UAL 187.67; 2 AAL 170.88; 3 DAL 163.66; 4 NWA 117.66; 5 BAB 106.27; 6 CAL 98.37; 7 AFA 94.42; 8 DLH 86.70; 9 JAL 84.27; 10 USA 73.93; 11 SWA 71.59; 12 SIA 69.15; 13 QAN 67.89; 14 ACN 67.03; 15 KLM 57.85; 16 ANA 56.90; 17 CAT 44.79; 18 TII 44.04; 19 IBE 41.30; 20 KAL 38.45; 21 MAS 38.31; 22 ALI 36.52; 23 SWS 32.98; 24 TWA 31.85; 25 AMW 30.69.

June 2002: MD-11 (48486) returned to Boeing (TBC).

August 2002: Christian Hegner, Head Aircraft Engineering, SR Technics Engineering, replaces Lukas Billeter, who has taken another assignment to optimize Information Techology (IT) systems.

November 2002: "3i", UK, with Star Capital Partners, UK, acquires SR TECHNICS SWITZERLAND, in a EUR 425 million management buy out, with employees owning 12%. SR Technics (EUR 750 million turnover), services >350 airplanes/300 engines/78,000 components annually. SR TECHNICS PALMDALE, California, will be liquidated.

Dr Hans-Ulrich Beyeler, SR Technics (CEO) & President stated: "Our customers entrust us with the responsibility for the technical support for their valuable investments into their fleet of airplanes. SR Technics stands for excellence in service and highly professional staff dedicated to the provision of total care, which sets industry standards. We are glad that 3i now provides us with the financial strength and stability our customers can depend on for continued and expanded services. As co-owners of the company, the management and employees of SR Technics will remain strongly committed to meet the high expectations of our customers."

December 2002: SR Technics $13.7 million contract for heavy maintenance checks on 12 Swiss (CSR) A320-family airplanes, January 2001 - November 2004.

Lufthansa Technik purchased Swissair Technics' (SWS) 50% share of Shannon Aerospace, for full 100% ownership.

March 2003: SR Technics has 3-year Dragonair (DRG) contract to assume full technical responsibility for 15 A320's/A321's. Has 6-year contract to provide total maintenance support for Swiss International (CSR)'s 12 A340-300's.

June 2003: Swiss (SWS) states it has implemented "a raft of cost economies" in response to the "extremely difficult market situation" facing the maintenance repair & overhaul (MRO) aftermarket. It is promoting unpaid leave and work holidays to cope with the downturn in business. "While every effort is being made to keep any loss of expertise to a minimum, layoffs cannot be ruled out."

Estimates up to -500 employees in its (MRO) operations, could lose their jobs following Swiss International (CSR) decision to downsize its fleet.

August 2003: Sr Technics has 6-month easyJet (EZY) maintenance contract for total maintenance/support at Geneva of 1st 5 (to be operated by easyJet Switzerland (TEB) in 9/03 of 120 A319's on order. Is seeking 10-year contract for entire A319 fleet.

February 2004: Sr Technics (SWS) acquires FLS Aerospace (ATD) & (TEL).

March 2004: 12-month maintenance accord to provide easyJet (EZY) with comprehensive technical support for its expanding Airbus fleet. The maintenance program, accompanying materials, logistics and overall technical responsibility will be managed by SR Technics' Zurich office. Since (EZY) will be operating the new airplanes from various destinations throughout its Europewide network, the actual maintenance work will be performed at a number of airports by easyTech, the easyJet (EZY)/FLS Aerospace (ATD) technical services joint venture.

April 2004: The European Commission (EC) approved SR Technics' (SWS) acquisition of FLS Aerospace (ATD), which includes (ATD) (UK), FLS Aerospace (IRL) (TEL); FLS Aerospace (DK), and Sheerwalk Services Ltd. (SWS) is controlled by the (UK) venture capital company 3i.

May 2004: In view of the coming integration of FLS Aerospace operations in the UK & Ireland (ATD) & (TEL), it has established a Group Executive Management team - SR Technics Group - under the leadership of Hans Ulrich Beyeler, President & CEO. Beyeler will be succeeded as (CEO) of SR Technics Switzerland by Tim Talaat.

June 2004: Mike Humphries, (CEO) FLS Aerospace (UK) and Declan O'Shea, (CEO) FLS Aerospace Ireland.

August 2004: General terms agreement with Airbus (EDS) under which SR Technics Switzerland will be commissioned to perform work on Airbus (EDS) airplanes that could include cabin refurbishments and modifications, airplane painting and installation of in-flight entertainment systems.

September 2004: SR Technics Holding 1st 6 months = -Sfr 7 million/-$5.5 million (+Sfr 15 million). Expects +ve results for the full year.

Gerry Timoney, Head Swiss Engine Division, succeeds Rudoger Urhahn.

December 2004: Expects to cut -70 to -100 jobs as part of a long-term change process called the "forward" program, which aims to improve the company's efficiency and operating results by focusing on core competencies, reducing complexity and delivering good operating results. Some immediate measures have been implemented such as the recent sale of the Push-Move/De-Icing division to Swissport and the sale of surplus materials.

April 2005: FlyMe (FME) has 5-year component management contract for 4 737-400's to SR Technics (SWS) to provide component and line maintenance support, including guaranteed component availability and (AOG) support.

May 2005: 3-year component services contract with Czech Airlines (CSA) for its 4 A320's, wherby (SWS) will provide a consignment of stock at Prague for (CSA)'s exclusive use, and also provide access to the main (SWS) stock of Airbus components in Zurich.

Memo of Understanding (MOU) between Garuda Indonesia (GIA) and SR Technics Switzerland (SWS) for a full support program for Garuda (GIA)'s 6 A330's.

2004 = -CHF 2 million (-CHF 4 million): in the face of "a difficult market environment and a weak USA dollar" including the CHF 218 million acquisition of FLS Aerospace (ATD) & (TEL).

July 2005: Extends maintenance contract of Swiss International Air Lines (CSR) Airbus fleet for a further 3 years to 2012.

October 2005: Hans Lerch, (CEO).

December 2005: SR Technics (SWS) and Chinese startup, Okay Airways (OKA) signed a Memo of Understanding (MOU) calling for the creation of a maintenance joint venture in Tianjin. The facility will provide "full technical solutions" for Airbus (EDS) and Boeing (TBC) types including airplane services, fleet technical management and component support.

First Choice Airways (ATZ) renewed its 1998 agreement with SR Technics (SWS) for complete component support for its fleet of 18 757-200s.

January 2006: Vueling Airlines (VUZ) signed a five-year agreement with SR Technics (SWS) under which the latter will provide technical management and component support for (VUZ)'s fleet of nine A320s.

Qantas (QAN) said it signed a nonbinding Memo of Understanding (MOU) with SR Technics (SWS) to establish a joint venture providing component management services for the A380. The new company will compete with Spairliners, formed last summer by Lufthansa Technik (DLH) (LTK) and Air France Industries (AFA). Qantas (QAN) said it is filling a similar need in the Asia/Pacific region.

March 2006: dba (DBA) signed a three-year contract with SR Technics (SWS) for support of the Honeywell (APU)s installed on its Boeing fleet. Service will be provided at SR Technics (SWS)'s (TEL) Dublin facility.

Air Europa (ARE) signed a seven-year, CHF20 million/$15.3 million deal with SR Technics (SWS) for component support for its new A330 fleet, which will number 6 to 8 airplanes. The Spanish carrier takes delivery of its first A330 this month. The pair also concluded a Maintenance Repair & Overhaul (MRO) agreement for the Auxiliary Power Units (APU)s on Air Europa (ARE)'s fleet of 737NGs, which it expects to enlarge from 28 airplanes at present to between 40 & 50.

SR Technics (SWS) will assume full component management and maintenance responsibility for the 32 737-700s SkyEurope Airlines (SKP) will be introducing from this month onward. The 11-year agreement is expected to generate business worth approximately €45 million/$54.2 million and "marks a major step for SR Technics (SWS) into the Central and Eastern European market," the jet airplane Maintenance Repair & Overhaul (MRO) company said. Services will be performed as part of its Integrated Component Solutions offering and include a consignment stock located at Bratislava Airport, 24-hours access to SR Technics (SWS)'s component pool at its London Heathrow Logistics Center and component maintenance and repair.

April 2006: Swiss prosecutors filed charges against 19 Swissair managers and its former board in connection with the carrier's financial collapse 4.5 years ago. According to Reuters, among the accused former board members are former Credit Suisse boss, Lukas Muehlemann and Thomas Schmidheiny, majority shareholder of cement maker Holcim. The board is accused of having attempted a dubious balance sheet restructuring in the face of massive debts. Former Swissair CEO and Chairman, Mario Corti is also accused of having misinformed shareholders in the run-up to Swissair's collapse in October 2001. "The special thing about the case is that it was not business criminals or frauds at work, but people who wanted to prevent the demise of Swissair," prosecutor Andreas Brunner said during a news conference. The board is being prosecuted for harming creditors through reduction of assets and mismanagement, which has a maximum sentence of three years in prison. It was not immediately clear when the case will go to trial. The statute of limitations will apply from mid-2008.

Eurocypria Airlines (ECY) signed a five-year engine maintenance agreement with SR Technics (SWS) for support of the (CFM56-7B)s on its fleet of four 737-800s.

May 2006: When Swiss flag carrier Swissair collapsed in 2002 amid massive debts and the ignominy of a nation used to the clockwork-efficiency of its national institutions, the future of its various subsidiaries looked highly uncertain.

Although catering division Gate Gourmet has had problems, its maintenance, repair and overhaul (MRO) arm, SR Technics (SWS), which underwent a private-equity-backed management buyout, has been a success, becoming the biggest independent (MRO) in the world.

The company’s new chief executive, Hans Lerch, says: “SR Technics’ rather abrupt departure into independence turns out to have been a unique opportunity.”

Reporting 2005 revenues of $1.3 billion, and earnings before interest, tax, depreciation and amortisation (EBITDA) last week of $146 million, Chairman, Frank Turner dubbed it “the best year since the company became independent”. He believes the firm, which bought FLS Aviation two years ago and is majority owned by private equity investors 3i and Star Capital, is ready for the next stage: an initial public offering (IPO).

Turner says the company is preparing to float a “chunk” of its shares by the end of 2006. In practice, this is likely to mean by October, say (IPO) specialists, given that November and December are quiet months for the markets.

SR Technics (SWS) has appointed Rothschild and Wyvern Partners to advise on the (IPO). Turner declines to speculate on the size of the offering, or the cash it will raise. The company will be listed on the Zurich stock exchange. “SR Technics (SWS) is a Swiss-registered company,” says Turner. “The retail side of the offering will be better served in Switzerland than in the UK.”

The upswing in the civil aviation sector is also a major factor in SR Technics (SWS)’s impressive growth, not least because it provides new business opportunities to pursue in emerging markets and a new style of customer in the form of low-cost carriers. “When margins are under pressure and where tight margins are an integral part of the business model, there will always be a pressing need for efficient, cost-effective solutions,” says Lerch. “Outsourcing non-core services – such as servicing, maintenance and the technical management of entire fleets of airplanes – is therefore a matter of survival for most airlines.”

Following the signing of a $750 million, five-year contract with Gulf Air (GUL), that will see SR Technics (SWS) take over maintenance for the airline’s entire fleet in a joint venture, SR Technics (SWS) now counts the Middle Eastern carrier as its third largest customer, after EasyJet (EZY) and Swissair successor Swiss (CSR). The joint venture with Gulf Air (GUL) is also broader in scope than the initially agreed terms of the contract suggest. “We are talking to other customers in the region,”says Turner. “It’s a stable location on the route between the Indian subcontinent and Europe.” Further east, he says, “developing airlines” will be important to the group as it strives to increase its footprint in the rapidly expanding Indian and Chinese markets. Negotiations are ongoing with Chinese airlines.

Turner says it is the extensive realignment that has taken place within the company over the last three years that allows SR Technics (SWS) to position itself for success as the aviation industry continues to boom. (EBITDA) increased in line with revenues in 2005 (see chart), and this is partly due to the successful turnaround of the UK-based arm of the business.

A wider realignment of the company’s product offering sees the business split into three divisions – Integrated Component Solutions (ICS), Integrated Airline Solutions (IAS) and Integrated Engine Solutions (IES).

Key to the continuing growth of SR Technics (SWS)’s business is the 10-year, $1 billion maintenance contract for EasyJet (EZY)’s Airbus A319 fleet, which the company estimates will save the airline 25% of its A319 maintenance costs, excluding engines. The company is hoping for further, similar deals. “We are very optimistic about signing more of these long-term agreements – they are complex but very attractive,” says Turner.

Last year, SR Technics (SWS) set up a $325 million asset-backed financing facility with GECAS (GEF). About half of this is still available to the company, and could be used for the joint venture it has agreed to form with Qantas (QAN) on A380 components, says Chief Financial Officer, Richard Steiblin. “But we have to define the shape the joint venture will take, and then how to finance it,” he adds. The company could consider setting up a further independent financing agreement at a later date, he says.

July 2006: SR Technics (SWS) will provide component management services to Virgin Blue (VOZ) covering the Australian airline's 53 737-700s and 737-800s. The three-year contract is valued at more than $40 million and covers Maintenance Repair & Overhaul (MRO) and modification services for about 600 component part numbers.

Shanghai SR Technics, a joint venture between SR Technics and Shanghai Foreign Aviation Service Corp, will commence operations at Shanghai International Airport by the end of July and has signed up its first customer, Malaysia's Transmile (TML). Shanghai (FASCO) will provide technical support - - mainly line maintenance - - for the airline's MD-11 freighters during their transit stops in Shanghai.

Boeing named SR Technics (SWS), Smiths Aerospace and Hamilton Sundstrand as partners in "GoldCare," a lifecycle Maintenance Repair & Overhaul (MRO) support program for the 787.

September 2006: A consortium of United Arab Emirates-based investors is to acquire 90% of SR Technics (SWS) from its current owners in a transaction valued at CHF1.6 billion/$1.3 billion.

The consortium is led by Mubadala Development, the investment vehicle of the Abu Dhabi government, which will own 40% of the Zurich-based maintenance, repair and overhaul company after the purchase is completed in about two months.

Also participating is Dubai Aerospace Enterprise (DAE), the recently launched investment vehicle for the emirate's global aerospace ambitions headed by former Honeywell Aerospace Chief, Bob Johnson. (DAE) will hold 30% of SR Technics (SWS). The third investor is Istithmar, a Dubai-based investment house established by the emirate in 2003. SR Technics (SWS), which currently holds 11.7% of the company, will retain a 10% stake.

SR Technics (SWS) Chairman, Frank Turner and CEO, Hans Lerch will continue to lead the company and no "job redundancies or transfers" are planned for the 5,000-person workforce. In a conference call with reporters, Turner called the sale "by far the best option for the future" of the company. "This investment is all about building SR Technics (SWS)'s business," Mubadala Development (COO), Waleed Al Mokarrab Al Muhairi said.

SR Technics (SWS) revenues rose +17% last year to CHF1.36 billion and (EBIT) increased +11% to SRT62 million. However, the company posted a net loss of -CHF2.6 million, largely owing to currency fluctuations.

SR Technics (SWS) had been controlled by venture capital firms 3i (56%) and Star Capital (20%), other institutional investors (12.7%) and SR Technics (SWS) management, who acquired it, following the collapse of Swissair. Earlier this year, it said it had agreed with its controlling investors to conduct an Initial Public Offering (IPO) before the end of 2006, but Turner said that sale of the company to the consortium ensures its continued growth and access to capital. In particular, he noted that both the Middle East region and India represent large opportunities for Maintenance Repair & Overhaul (MRO) providers.

Turner said there are "no specific plans to acquire GAMCO (GUL)," which is owned by Mubadala. SR Technics (SWS) recently won the contract to handle all of Gulf Air (GUL)'s maintenance away from the Abu Dhabi-based company.

SR Technics (SWS) will provide component management services to Air China (BEJ) covering the airline's A330s and A340s. (SWS) will provide component maintenance as well as access to its consignment stock in Taipei and its main stock in Zurich under the six-year, $17.5 million agreement.

October 2006: SR Technics Group (SWS) announced the implementation of a new corporate structure from November 1, that will organize the company by international business, rather than country-specific divisions. SR Technics Switzerland, UK (SWS) and Ireland (TEL) will continue to exist but will be superceded by the Aircraft Services, Component Services, Engine Services and Business Development, Sales & Marketing divisions. Those segments will be headed by Alex Kugler, Mike Humphreys, Gerry Timoney and Declan O'Shea, respectively. Staff units also will be organized into cross-national entities.

SR Technics (SWS) reached a five-year deal with Cathay Pacific Airways (CAT) for the remaining 18 (CFM56-5C)s in (CAT)'s fleet. The companies already had a contract covering 49 engines of the same type powering A340-300s running until 2013. (SWS) will provide Maintenance Repair & Overhaul (MRO) on the engines out of its Zurich service center.

November 2006: SR Technics (SWS)'s purchase by a United Arab Emirates consortium led by Mubadala Development, investment vehicle of the Abu Dhabi government, was finalized this week. The acquisition of the Zurich-based, Maintenance Repair & Overhaul (MRO) provider, valued at $1.3 billion, was announced in September and cleared by the European Commission (EC) last week. The company will continue to be run by Chairman and CEO, Hans Lerch, who has assumed the Chairmanship until further notice, following the departure of former Chairman, Frank Turner for personal reasons.

December 2006: Empire Aero Center, in partnership with SR Technics (SWS) will perform "C" checks on up to 12 JetBlue (JBL) A320s in 2007.

SR Technics (SWS) was selected by Virgin Atlantic Airways (VAA) to reconfigure five 747-400s. The project includes an extension to the existing premium cabin, installation of new premium economy seats and new storage areas. Work is expected to be completed in November 2007.

Boeing (TBC)'s Commercial Aviation Services unit reached agreement with Messier Services-Asia, SR Technics (SWS), and Guangzhou Aircraft Maintenance Engineering Co Ltd (GUN) for provision of maintenance, repair and overhaul (MRO) services on 777 and 737NG landing gear in the Asia/Pacific region. Messier will perform 777 and 737NG landing gear work while Guangzhou (GUN) and SR Technics (SWS) will support just 737NG landing gear. The agreements are part of the Boeing Component Repair Network Service Centre program, which has as its goal to "reduce overall repair costs and manage complex rotable programs by establishing additional (MRO) support in key global regions."

January 2007: Sama (SMA) said it signed a Maintenance Repair & Overhaul (MRO) contract with SR Technics (SWS).

SR Technics (SWS) opened a line maintenance station at Paris Orly with Air Caraibes (GUP) as the first customer. (SWS) said "easyJet (EZY) and further customers are expected to follow soon." The station will offer services for A320s, A330s, A340s, 737s and a variety of engines.

SR Technics (SWS) announced that it will not convert its option to acquire 60% of Empire Aero Center of New York, which it has held since signing a Memo of Understanding (MOU) last April. "Though SR Technics (SWS) continues to be interested in the North American market, for the present, it intends to focus its investment interests on the high-growth markets in the Middle East and Asia," the company said. The move could signal a new direction for (SWS), since it was acquired last September by a consortium of United Arab Emirates (UAE) investors.

Former Swissair (SWS) executives and board members went on trial for their alleged roles in the historic 2001 collapse of the airline, the largest bankruptcy in Switzerland's history. Nineteen executives, including former CEOs, Philippe Bruggisser and Mario Corti, will mount their defense in a Swiss court near Zurich, responding to a 100-page charge sheet submitted by prosecutors that includes accusations of false accounting and unlawful management.

February 2007: SR Technics (SWS) and Vueling Airlines (VUZ) signed a 12-year contract for (CFM56-5B4/P) services on the Low Cost Carrier (LCC)'s 16 A320s. The deal includes a possible extension of 6 to 12 years.

May 2007: SR Technics (SWS) reached agreement with Air India (AIN) to maintain the (CFM56-7B) engines and (GTCP131-9B) Auxiliary Power Units (APU)s installed on Air India Express (AXB) 737-800s. (SWS) valued the three-year agreements at up to $22 million.

June 2007: Former Swissair (SWS) executives were acquitted of all charges in the mismanagement and fraud case stemming from the airline's October 2001 collapse. Prosecutors brought charges against 19 former executives, including its last two CEOs, Mario Corti and Philippe Bruggisser, alleging that "miserable management," that included falsifying of documents, led to the carrier's demise, leaving creditors empty-handed and -5,000 workers unemployed. But the judges presiding over Switzerland's largest-ever corporate criminal trial, ruled that the executives made decisions they thought were reasonable at the time, and did not intend to damage creditors during what was a difficult time in the airline industry. Corti faced prison if convicted.

July 2007: Shanghai SR Aircraft Technics, the joint venture between SR Technics (SWS) and Shanghai Foreign Aviation Service Corp, signed a contract to provide line maintenance services for Singapore Airlines (SIA) 777s and 747s during their transit stops at Shanghai Pudong. Services commenced on July 1. Additionally, it will provide line maintenance services for (SIA)'s 747F cargo operations at the airport.

August 2007: SR Technics (SWS) promoted Marco Imboden to VP Marketing, effective August 20. He currently is Deputy Head of Corporate Communications & Head of Communications, Switzerland.

SAirGroup liquidators will start making payments to creditors in November, Wenger Plattner (WP), the Swiss law firm handling the liquidation, announced last week. An initial payment of CHF519.4 million/$429.7 million will include a first installment for nonpreferential creditors. So far, SAirGroup's creditors have filed claims totaling CHF48.9 billion, of which CHF9.8 billion have been accepted for payment, (WP) said. It added that CHF29.3 billion worth of claims have been rejected, while appeals or decisions are pending on the rest.

September 2007: SR Technics (SWS) will provide nose-to-tail, "C" checks and a modification program on Scandinavian Airlines (SAS)'s fleet of four A330s and seven A340s. The program will run from October 2007 through March 2008, with work carried out at SR Technics (SWS)/(TEL) facilities at Dublin Airport.

October 2007: SR Technics (SWS) announced that Chairman & (CEO), Hans Lerch will relinquish the latter title, effective January 1. The new (CEO) will be Bernd Kessler, who has been President & (CEO) Commercial Maintenance at MTU Aero Engines since 2004. He will leave the company this month.

November 2007: SR Technics (SWS) concluded a seven-year Integrated Component Solutions agreement with Air-India (AIN) covering component services for A330-200 airplanes with a potential worth of approximately CHF19 million/$16.9 million. Under the accord, (SWS) will provide full component support including exchange, component maintenance, logistics and access to a consignment stock based at Mumbai.

Mubadala Development, Abu Dhabi's government investment firm, became sole shareholder of Gulf Aircraft Maintenance (GAMCO) following its acquisition of Gulf Air (GUL)'s 40% stake in the company. It consequently renamed the Maintenance Repair & Overhaul (MRO) company as "Abu Dhabi Aircraft Technologies (ADAT)."

SR Technics (SWS) and Abu Dhabi Aircraft Technologies (ADAT) (formerly (GAMCO)) announced a collaboration at the 10th Dubai Air Show, under which the companies will work to "complement and maximize" their areas of expertise and provide customers in the Middle East, India and Europe "with a wider range of service offerings." (SWS) will subcontract component repair work in the Middle East to (ADAT), and will provide support to its technical fleet management operations. (ADAT) expects revenue to increase from $300 million currently to $800 million by 2012. Mubadala Development owns 100% of (ADAT) and, along with Dubai Aerospace Enterprise (DAZ), and Istithmar, holds 90% of (SWS).

December 2007: Airbus (EDS) announced creation of the Airbus (EDS) Maintenance Training Network designed to extend its Maintenance Repair & Overhaul (MRO) Network and simplify access to its training courses. Contracts with major training providers, include Hong Kong Aircraft Engineering Co Ltd (HAECO) (CAT), Iberia (IBE) Maintenance & Engineering, (SIA) Engineering Co, Sogerma Training, and SR Technics (SWS), according to the airplane manufacturer. Computer assisted training, Virtual Aircraft, and the Airbus (EDS) active learning and competence focused training concept, are some of the learning tools available.

SR Technics (SWS) reached a seven-year Integrated Engine Solutions (IES) deal with Air-India (AIN) covering its A330-200s and a three-year (IES) agreement with Vietnam Airlines (VIE) covering three A330s. Contracts include (MRO) services on (PW4168)s to be conducted at (SWS)'s shop in Zurich.

January 2008: Sam Gorman, acting Executive VP Component Services, ex-Honeywell. Torsten Tamm, Head Integrated Supply Chain & Management Unit.

April 2008: Dunlop Aircraft Tyres reached an exclusive three-year deal worth more than >£1.6 million/+$3.19 million with SR Technics (SWS) to supply tires for F 100s and unspecified Boeing (TBC) airplanes to (SWS) maintenance bases in Europe and the Middle East.

SR Technics (SWS) elevated Marco Imboden to Senior VP Corporate & Marketing.

May 2008: SR Technics (SWS) reached a three-year deal with Quikjet Cargo for component management, maintenance and repair on the carrier's 737s. The contract includes access to a consignment stock in Bangalore and Chennai. Services extend from (SWS)'s Integrated Component Solutions offering.

QuikJet (QJT) has signed a three year component support contract with SR Technics (SWS).

July 2008: SR Technics (SWS) and Air Europa (ARE) signed a four-year extension to their existing Integrated Component Solutions agreement for support of the airline's 767-300 fleet. The contract is valued at approximately £5.7 million and commences July 1, 2009. (SWS) signed a two-year ICS agreement with Aegean Airlines (CRM) covering its 10 737-300s. (SWS) and UK-based R & M Aviation Support concluded a $20 million Integrated Engine Solutions agreement covering Maintenance Repair & Overhaul (MRO) for six (PW4060)s managed by R & M Aviation Support and operated on the Ukraine-based Aerosvit Airlines (UKA) 767 fleet.

SR Technics (SWS) signed a five-year, $165 million, Integrated Engine Solutions agreement with South African Airways (SAA) Technical covering maintenance of the (CFM56-5C)s powering (SAA)'s A340s.

August 2008: SR Technics (SWS) signed an agreement with Avtrade Ltd to provide Maintenance Repair & Overhaul (MRO) and loan services for a range of Honeywell (SGC) Auxilliary Power Units (APU)s, including the 131-9A, 131-9B, 85 Series, 331-200ER, 331-250, 331-350C, and 660-4.

September 2008: Iberia (IBE) Maintenance announced deals with (GE) Aviation (GEC), SR Technics (SWS), and Gestair (REI). It signed a Memo of Understanding (MOU) with (GE) to become the preferred regional fulfillment center for (CFM56-5A) engines Maintenance Repair & Overhaul (MRO) in Europe, Africa, and the Middle East. (IBE) will enter into an "OnPoint" solution agreement with (GE) for material and services. Under the agreement with (SWS), Iberia (IBE) will repair and overhaul (SWS) components from various airplane fleets in Madrid, while (SWS) provides (MRO) on (CFM56-5C)s powering (IBE)'s A340-300s. It is the first deal between the companies. Madrid-based, corporate aviation enterprise Gestair (REI) will partner with (IBE) to establish CorJet Maintenance Europe, a 50/50 joint venture providing line and scheduled maintenance, as well as unscheduled Airplane on Ground (AOG) work on corporate airplanes and logistical support and spare parts. CorJet reached a deal with Gulfstream to be an official (MRO) provider on all its models, and expects to be providing maintenance services to some 350 airplanes annually within five years of launch.

October 2008: SR Technics (SWS) finalized a 10-year deal with South Korea's Eastar Jet for its Integrated Airline Solutions package, offering technical management services and support for components, engines, (APU)s, and landing gear on 737NGs.

January 2009: SR Technics (SWS) reached a deal with easyJet (EZY) to provide 157 intermediate layover checks on the carrier's A319 fleet. Work will take place in Zurich via a dual (HMV) line allowing for two simultaneous checks. Each check will take 14 days and all are scheduled between mid-March 2009 and summer 2015.

(SWS) won a five-year extension on its contract with Air Caraibes Atlantique (GUP) to provide Maintenance Repair & Overhaul (MRO) services for two A330-200s and two A330-300s. Valued at more than >CHF100 million/$89.1 million, the contract covers technical fleet management, base and line maintenance and component services. (SWS) recently opened a line station in Cayenne and will continue to support operations at Paris Orly.

February 2009: SR Technics (SWS)/(ATD)/(TEL) said it plans to close its (TEL) operation at Dublin Airport (DUB) in light of recent contract losses from major load customers, current business projections and high costs. "We are announcing this deeply regrettable and difficult step only after an exhaustive evaluation of all strategic options for our group wide operations," (SWS) CEO, Bernd Kessler said. "We are fully aware of the difficult economic and labor market situation in Ireland and the personal implications of a closure for our staff in Dublin."

The company intends to begin consultation with trade unions representing the 1,135 employees at (DUB). Discussions will take place over the statutory minimum 30-day period in parallel with dialog with other stakeholders. "My management team will be working closely with the relevant unions over the coming weeks," Kessler promised. (TEL) will continue line maintenance operations at (DUB) in the interim but eventually expects to transfer responsibility to another provider. It emphasized that its intention to cease activities there will not impact operations at its Cork facility or its other locations.

March 2009: SR Technics (SWS) and Air India (AIN) announced that their existing maintenance contract covering Air India Express (AXB)'s (CFM56-7B) engines will expand to include (CFM56-5B)s on (IND)'s fleet of 27 A320 family airplanes (planned to increase to 43 by 2010). The extended contract will expire in May 2010 and contains an extension clause for an additional two years. Services will be performed at SR Technics (SWS)'s engine services center in Zurich.

April 2009: SR Technics Group confirmed that it intends to close its SR Technics Ireland (TEL) line maintenance base at Dublin, which employs 1,135. Six hundred will be laid off initially, with a further 100 made redundant later in the month. "All remaining activities are expected to be wound down or transferred to other providers" by August 31, (SWS) said. Contributing to the decision to close the base were the recent loss of "major contracts" from customers in Dublin, the current business outlook and "the high cost base" of the operation.

(SWS) announced that the Mubadala Development Company, the investment arm of the Abu Dhabi government, "acquired sole control" of (SWS) and increased its shareholding to 70% by acquiring the 30% held by Istithmar. Dubai Aerospace Enterprise (DAE) holds the remaining 30%. (SWS) said it will continue to operate as an independent brand. The three (UAE)-based companies acquired it in 2006 from 3i (56%) and Star Capital (20%), other institutional investors (12.7%) and (SWS) management. "This is a very significant step for (SWS) and central to the ongoing refocusing of the business," (CEO), Bernd Kessler stated. "We are implementing a Group-wide strategy as a robust response to the challenging market environment and to position the company for long-term growth. (SWS) now has the capital structure and the stability to realize its business plan." Earlier this month, (SWS) began closing down its operation at Dublin that employed 1,135. All remaining activities there are expected to be wound down or transferred to other providers by August 31.

SR Technics (SWS) said Vietnam Airlines (VIE) extended an existing Maintenance Repair & Overhaul (MRO) agreement covering 23 (CFM56-5B)s powering the airline's A320s for a further three years to 2012.

May 2009: SR Technics (SWS) appointed Andre Wall as (COO). He also will become a member of the SR Technics Group executive board. (SWS) said that "the newly formed Operations Division will be home to all operating units within the group." Prior to joining (SWS), Wall spent two years as (COO) of Jet Aviation (JVA) in Zurich. Before that, he spent three years as President & (CEO) of MTU Maintenance in Berlin-Brandenburg.

June 2009: SR Technics (SWS) signed a technical training agreement with Etihad Airways (EHD) running until February 2010 covering 1,000 instructor days of theoretical and practical training on A320s and A330s/A340s as well as difference training, run-up in simulators, health and safety and aviation/technical English.

August 2009: SR Technics (SWS) said Edelweiss Air (EDE), a Swiss International Air Lines (CSR) subsidiary, extended its existing full-support contract covering (EDE)'s fleet of A320s for an additional 39 months.

September 2009: SR Technics (SWS) announced a five-year extension of its integrated component solutions agreement with Skynet Asia Airways (SNU) covering its eight 737-400s.

October 2009: Abu Dhabi Aircraft Technologies (ADAT), a Mubadala Development Company subsidiary, signed an agreement with Airbus (EDS) to become a member of (EDS)'s worldwide airplane Maintenance Repair & Overhaul (MRO) network. (EDS) Senior VP Services & Customer Support, Bruce Jones said, "The Middle East is an important region for (EDS) and (ADAT) has a broad range of (EDS) maintenance capabilities, and it is also equipped with a state-of-the-art A380 hangar." (ADAT) CEO, John Byers added, "This is an important step in our strategy to ensure we remain at the forefront of (MRO) services in the region, developing capabilities for the newest airplanes and providing our customers with a global support network." Mubadala, the investment arm of the Abu Dhabi government, holds a 70% stake in SR Technics (SWS), which is among the 16 members of the (EDS) (MRO) network. (ADAT) formerly was Gulf Aircraft Maintenance (GAMCO) before being acquired by Mubadala in November 2007.

November 2009: SR Technics (SWS) and easyJet (EZY) signed an 11-year, $1.6 billion renewal and extension of their maintenance agreement at the Dubai Air Show. (EZY) expects to save almost -$200 million over the life of the deal. The deal secures (EZY) as a cornerstone customer for (SWS) and the (EZY) will be the first base load customer at a new (SWS) facility to be built in Malta. That facility will be a four-bay narrow body station and is scheduled to be completed by mid-2012. In the interim, an existing two-bay facility will be used to overhaul airplanes from the third quarter of 2010. (SWS) has joined with Malta Enterprise Corporation and Malta Industrial Parks to build the facility. (EZY) Operations Director, Cor Vrieswijk said (EZY) expects an "annual -17% reduction in maintenance costs by the 11th year through improved processes and economy of scale."

SR Technics (SWS)'s contract with Etihad Airways (EHD) announced in Dubai is worth up to $250 million. Under the 10-year Integrated Component Services contract, (SWS) will handle component exchange, Maintenance Repair & Overhaul (MRO), Engineering and Logistics services, access to (SWS)'s components pool and component management for (EHD)'s current Airbus (EDS) fleet of more than >40 A320s, A330s and A340s as well as future deliveries.

December 2009: SR Technics (SWS) named Titan Aviation President & (CEO), Raymond Sisson as Chief Commercial Officer (CCO).

January 2010: SR Technics (SWS) said it plans to move its component services organization and all supporting functions from London Stansted (STN) to Zurich and is entering formal discussions with UK trade unions and employee representatives. The 24,672 sq m (STN) facility employs 600 and the 330,000 sq m Zurich location employs 3,570. "At the heart of the ongoing reorganization is our aim to raise our efficiency, lower our group's overall operational costs and to further develop our operational capabilities, service offerings and global footprint," (CEO), Bernd Kessler explained. Its line maintenance business will continue to be operate in the UK through the current line station network and it intends to maintain and develop its UK logistics operation. In a move to "drive greater productivity," it plans to consolidate all logistics operations at its London Heathrow center.

SR Technics (SWS) announced that Bernd Kessler will step down as (CEO) on January 31 after just two years at the helm, "having successfully implemented major restructuring initiatives as well as the repositioning of the company in the market." He will be succeeded by (CFO), James Stewart, who joined (SWS) in August 2008 from Aerion Corporation. Prior to that, he spent 16 years at Bombardier Corporation including a stint as (CFO) of Bombardier Aerospace. (SWS) said Stewart "has been instrumental in the successful refinancing and restructuring of the group, as well as in the extension of various new business relationships with key customers." Kessler joined (SWS) as (CEO) from (MTU) Aero Engines in January 2008. (SWS) is majority-owned by the Mubadala Development Company.

February 2010: Mubadala Aerospace said it is launching an engine component and engine finance company in response "to the evolving landscape of the airline industry where economic conditions are putting increased pressure on liquidity." Sanad Aero Solutions' first two customers are Air Berlin (BER), which signed a $100 million deal for 12 spare engines, and Etihad Airways (EHD), which is receiving financing valued at more than >$30 million over a 10-year period. The Etihad (EHD) deal is part of a Total Component Solution contract between SR Technics (SWS) and the airline for Etihad (EHD)'s Airbus (EDS) fleet. The (BER) contract includes engine maintenance for a major part of (BER)'s fleet to be completed by (SWS), Mubadala said.

"Through SR Technics (SWS) and (ADAT) [Abu Dhabi Aircraft Technologies] we have two very strong Maintenance Repair & Overhaul (MRO) companies . . . We believe that by offering component and engine financing solutions for airlines and Original Equipment Manufacturer (OEM)s in partnership with our existing network, we are able to provide a truly integrated service," stated Mubadala Aerospace Executive Director, Homaid Al Shemmari.

SR Technics (SWS) announced that it is offering a 45-day turnaround time for engine maintenance on (CFM56-5B), -5C and -7B powerplants. (SWS) said this sets "a new best-in-class standard for the industry." Last month, the first engine to receive the new maintenance offering was delivered to Hapag Lloyd Flug (HAP).

Air Berlin (BER) named SR Technics (SWS) Senior Executive VP, Helmut Himmelreich as its new Chief Maintenance Officer (CMO).

SR Technics (SWS) signed a two-year extension of its contract with Air India (AIN)/(IND)/(AXB) parent National Aviation Company of India for maintenance services on (CFM56-5B) and (CFM56-7B) engines powering 61 A320 family and 737-800 airplanes. The contract is valued at CHF60 million/$55.7 million). Services will be performed at (SWS)'s Zurich Engine Maintenance Center.

April 2010: SR Technics (SWS) confirmed its plans to consolidate its London Stansted component services organization to Zurich following a statutory consultation period with the representatives of its employees. It announced the plans in January. The consolidation will affect 340 employees at the London facility, it said, adding that it will continue to operate its line maintenance business in the UK.

July 2010: SR Technics (SWS) and Qatar Airways (QTA) signed a contract to modify the cabin layout of three A321s and two A319s. Work is being carried out in Zurich and will be completed by year end. Modifications include installation of a new seat layout, in-flight entertainment units and a global system for mobile communication. The new (QTA) single-aisle airplane standard is being installed and all galleys and lavatories are being renewed.

August 2010: “I think Mubadala Aerospace will be the first truly global Maintenance Repair & Overhaul (MRO) network,” says James Stewart, SR Technics (SWS)’s (CEO). “We have SR Technics in Europe, we have ADAT [Abu Dhabi Aircraft Technologies] in the Middle East, and I think we have said over the next 24 to 36 months, we will enter into the Americas market and also into Asia.” He believes the expansion more likely will happen through a joint venture (JV) or acquisition, as opposed to a greenfield approach.

(SWS) selected Antoine Gervais, Head International Line Maintenance Operations.

September 2010: SR Technics (SWS) said it is the first member within the Airbus (EDS) Maintenance Training Network to sign a Maintenance Training Services Contract with (EDS). Under the agreement, (SWS) will offer different types of training services for (EDS) customers.

October 2010: SR Technics (SWS) signed an Integrated Component Solutions contract with Swiss charter operator, Hello (HLO). The contract, which runs until 2016, provides component services for five A320 airplanes.

December 2010: SR Technics (SWS) and Etihad Airways (EHD) signed a five-year contract under which (SWS) will provide full technical training support to the airline. The agreement covers technical training on all Airbus (EDS) and Boeing (TBC) types and includes basic and specialized training. The new agreement follows an initial one year contract between the two organizations.

January 2011: SR Technics (SWS) reached a seven-year contract with Airblue (ABU) to provide the carrier with overhaul, repair and engine on-wing condition monitoring services on its (CFM56) engines, covering A319s and A320s.

The SAirGroup (formerly Swissair (SWS)) was responsible for the bankruptcy of Sabena (SAB) in November 2001, a Belgian court ruled, although it ordered a much lower payment than the claimants had sought. It said the Swiss group, which held a 49.5% stake in the Belgian flag carrier (SAB), did not respect an August 2001 agreement to provide 60% of a €430 million/$589.4 million cash injection needed to keep Sabena (SAB) in business.

The court ordered SAirGroup (SWS) to pay Sabena (SAB)’s creditors, its liquidator and the Belgian state €18.3 million in provisional damages. The liquidator had requested €2 billion in damages and the Belgian state €1 billion.

March 2011: SR Technics (SWS) expanded its 10-year engine maintenance contract with the Airberlin (BER) Group to cover exclusive maintenance services for more than >300 engines, including (CFM56-7B), (CFM56-5B) and (PW4168) engines, for their entire Airbus (EDS) and Boeing (TBC) fleet. (SWS) is now responsible for providing maintenance services for 95% of Airberlin (BER) Group engines.

(SWS) won a contract from (GECAS) (GEF) to perform "C" maintenance checks this year at its main base in Zurich. The number of "C" checks completed at SR Technics (SWS)’s Zurich facility rose +36% year-over-year to 49 in 2010 versus 36 in 2009, it said.

May 2011: SR Technics (SWS) inked a five-year Integrated Component Solutions (ICS) contract with Garuda Indonesia (GIA) valued at $36 million to provide (ICS) for its 43 737NGs. (SWS) already provides (ICS) for (GIA)'s A330s.

July 2011: SR Technics (SWS) signed a five-year contract with Swiss International Air Lines (CSR) to extend its cooperation for comprehensive airplane maintenance and component services, covering heavy maintenance, "A" and "C" maintenance checks. The agreement also incorporates full integrated component services for (CSR)’s Airbus (EDS) fleet and includes a hangar space sublease in Zurich.

September 2011: SR Technics (SWS) and Air Europa (ARE) will continue their partnership for integrated component solution support, following the recent signing of a contract extension. The five-year agreement runs from 2013 through to 2017 and covers component exchange, maintenance and repair, and logistics services on A330, 767 and 737-800 airplanes.

November 2011: Airbus (EDS) signed an agreement with SR Technics (SWS) and Abu Dhabi Aircraft Technologies, both part of Mubadala Aerospace’s global Maintenance Repair & Overhaul (MRO) network, for the implementation of the Airbus Managed Inventory (AMI) service. The implementation of (AMI) will ensure the replenishment of the high-usage and non-repairable Airbus (EDS) parts.

December 2011: SR Technics (SWS) signed five-year contracts with Philippine Airlines (PAL) for repair cycle management (RCM) covering its fleet of 33 Airbus (EDS) airplanes and for engine maintenance, covering 21 (CFM56-5C)s.

February 2012: SR Technics (SWS) has agreed on a 10-year exclusive engine repair and maintenance contract with SpiceJet (ROJ), worth up to $415 million. It will provide maintenance for (ROJ)’s (CFM56-7B) engines on its fleet of 737-800 and 737-900ER airplanes, the first of which are already in the shop.

“This is a very significant contract for the Mubadala Maintenance Repair & Overhaul (MRO) network,” Mubadala Aerospace (MRO) Network (CEO), James Stewart told reporters at the signing ceremony at the Singapore Airshow. “It is the largest agreement for us for engine maintenance in the Indian network.”

All work will be carried out at the SR Technics (SWS) facilities in Switzerland. The deal comprises, at a minimum, 60 engines, which covers close to 100 overhauls over a 10-year period.

(ROJ) has a fleet of 32 airplanes, expanding to 33 after a Boeing (TBC) delivery this month; it will take delivery of another three airplanes by June.

“Certainly in this industry there are a lot of unknowns, but having someone as reliable as SR Technics (SWS) will certainly help us going forward,” (ROJ) (CEO), Neil Raymond Mills told reporters. “We’ve grown by an excess of +50% in the last 12 months and will continue to grow.”

April 2012: Finnair (FIN) said it will cut -280 maintenance (MT) jobs as it outsources engine and component services to Swiss SR Technics (SWS) in a further move to cut costs. (FIN) said it will also close down its engine servicing operations and reorganize its components division, which together employ 350 workers.

(FIN) (CEO), Mika Vehviläinen said (FIN) is considering new options for operating short-haul flights, including creating a joint venture carrier, as part of its cost-savings initiatives. Several Finnish media outlets have reported Air Berlin (BER) could be the partner. Vehviläinen said that a possible strategic partner could have a fleet of up to 150 airplanes.

(FIN) said it would like to reduce operating costs on European short-haul routes by -20% to -40%.

Parent, Mubadala Aerospace has appointed Frederic Dupont as the new Head of Global Sales of its Maintenance Repair & Overhaul (MRO) network. Dupont previously served as President & General Manager of Pratt & Whitney (PRW) Engine Leasing.

May 2012: SR Technics (SWS) named Andy Best Head of Line Maintenance International, taking over from Antoine Gervais who becomes head of Operations Development. Line Maintenance International will now become an independent business unit.

July 2012: SR Technics (SWS) was selected by Air Tahiti Nui (NUI) to perform three cabin modifications on A340-300 airplanes, which were carried out in parallel with "C" maintenance checks. The modifications converted three-class cabin configurations to two classes and included installation of a new in-flight entertainment system (IFE).

SR Technics (SWS) announced it has redelivered the 50th heavy maintenance check on an A319 airplane for easyJet (EZY) out of its Malta facility. Its Malta team has also completed eight end-of-lease checks for (EZY).

Finnair (FIN) has reached an agreement with SR Technics (SWS) to outsource engine and component services, in a cost-cutting move that will cut -280 maintenance (MT) jobs.

(FIN) will also close down its engine servicing operations and reorganize its components division, which together employ 350 workers. (FIN) will keep certain parts of engine and component operations as a part of its Line Maintenance organization.

(FIN) is in talks with a potential buyer on the possible sale of a part of its engine operations.

If the deal is implemented, 75 jobs will remain in Engine Services.

These changes do not impact (FIN)’s Line Maintenance.

August 2012: SR Technics (SWS) received USA (FAA) certification to provide Maintenance Repair & Overhaul (MRO) services on A320 family and 737NG airplane types in Malta. The company opened its Malta facility in October 2010 servicing airplanes under its existing (EASA) approval.

September 2012: It was a gradual but almost complete withdrawal from the Maintenance, Repair & Overhaul (MRO) sector. In February 2011, Finnair (FIN) axed its airframe heavy maintenance business blaming "inadequate cost-competitiveness" for the labor-intensive work. But the Nordic carrier still saw a chance for its engine & component overhaul shops to support its own fleet and third-party customers.

Some 15 months later, however, (FIN) decided to close those facilities and outsource work to Mubadala Aerospace (MRO) Network member, SR Technics (SWS) in Zurich. In April, (FIN) (COO), Ville Iho said the component and engine businesses were "too small in scale to be cost-efficient enough in the long term". (FIN) inked a 10-year contract with SR Technics (SWS), covering not only (MRO) for its (CFM) International (CFM56) engines and fleet-wide components, but also the sale and lease-back of equipment (including spare engines) through Mubadala's financing arm Sanad. In future, Finnair (FIN) will only conduct line maintenance in-house.

Scale and market weight are increasingly crucial factors for (MRO) providers as airlines battle low profit margins and come under pressure to reduce costs. Maintenance is an obvious area when eyeing savings and (like Finnair (FIN)) many opt to outsource their technical requirements. (MRO) providers, in return, can offer economies of scale. Large work volumes not only bring down the price for airframe, component or engine maintenance, but existing technical and managerial expertise helps to build capabilities for services and new types of equipment. This is particularly important if large investments are needed to extend capabilities to new airplanes.

A further trend, which favors larger (MRO) providers, is the growing appetite among airlines to simplify the supply chain and work with fewer service providers. Instead of having to manage multiple external partners (such as specialist component repair shops) carriers want to appoint a few partners which offer a full range of services. This may include access to spare part pools and logistics across a wide network, which the operator can later use on a leasing basis.

"For quite a few years, the integrators have been playing a growing role [in offering] a one-stop shop," says David Marcontell, President of the TeamSAI consultancy in New York. "While this is not to say that there is no space for specialists, that space is getting smaller."

Individual maintenance companies may be able to score over larger competitors in cost terms, owing to fewer overheads or their geographic location, but low labor rates alone may not be enough to win a deal and sustain a partnership over time. "It is a balance of cost versus performance, such as quality, turn-time and reliability," Marcontell points out. "If an (MRO) [provider] is unable to find that balance consistently, they won't stay in business."

New-generation airplanes such as the 787 and A350 are expected to further reduce diversity and choice in the (MRO) market because of the large investment needed to establish repair capabilities and provision for spare parts. This is exacerbated by the fact new equipment should offer greater reliability which, in turn, means less maintenance.

"(MRO) providers will not be able to make the economics work on the new platforms unless they have a significant fleet to look after," says James Stewart, Group Chief Executive of the Mubadala Aerospace (MRO) Network. "So in order to make their investment pay off, they really need to capture a global fleet."

Stewart foresees a split in the (MRO) industry, where new airplane platforms will be supported by a small number of global maintenance providers, which work in strategic partnerships with airlines or Original Equipment Manufacturer (OEM)s. These (MRO)s will also cater for mid-generation equipment, such as the 777 and A330, but there will be a separate tier of maintenance companies to support older types approaching their sunset period.

A key question is how the component (MRO) sector will develop. There is still a broad range of individual specialist repair shops (especially in the USA) which cater for current-generation airplanes, such as the 737 or A320. But Jonathan Berger, VP at consultancy, (ICF) International in New York, expects a "big, heavy" wave of mergers and acquisitions to go through this fragmented sector in the future, with individual companies becoming part of (OEM)s or (MRO) groups. This consolidation will be largely driven by component manufacturers pursuing the same philosophy for new equipment as the engine makers, which have seized the aftermarket and now command the majority of the engine-support business against a limited number of large (MRO) groups.

The component (OEM)s are restricting free access to Repair Manuals and Engineering Data to control the aftermarket. Even large (MRO) groups like AirFrance Industries (AFI) - (KLM) Engineering & Maintenance, Lufthansa Technik (DLH) (LTK), and Mubadala Aerospace (SWS) have decided to co-operate with Hamilton Sundstrand to be able to support the 787. But whether the component (OEM)s' tighter aftermarket control will lead to the same outcome as in the engine (MRO) sector is unclear.

(DLH) (LTK) (CEO), August Wilhelm Henningsen predicts a different balance, as airplanes will be equipped with components from various (OEM)s while the engines come from only one manufacturer. Even though the number of component (OEM)s on new airplanes is declining because of consolidation in the supplier industry, operators will still need (MRO) providers which can support a range of systems.

Henningsen thinks there is growing concern among airlines over monopolistic tendencies in the industry, which he believes could lead to greater interest in choice between alternative service providers. But in the current economic climate, where airlines battle low profit margins, he expects many will make price-led, opportunistic decisions rather than pursue long-term strategic objectives on how they want to position themselves toward their suppliers.

Marcontell also expects (OEM)s and large (MRO) groups to continue to compete in the maintenance market because customers appreciate the latter's reverse-engineering capabilities and in-house repairs as an alternative to (OEM) solutions. However, this will depend on whether the (MRO) providers have enough resources to develop such services and attract large airline customers which can demand the necessary engineering data from the manufacturers through their fleet orders.

In other words, it will depend on scale - and favor the larger (MRO) groups.

October 2012: SR Technics (SWS) has a five-year contract from Emirates (EAD) for line maintenance services covering 777 and A330 or A340 airplanes. Work will be done at Zurich Airport.

January 2013: SR Technics (SWS) will open a component repair shop in Kuala Lumpur in the fourth quarter 2013.

February 2013: Aeroflot (ARO) has launched a Maintenance Repair & Overhaul (MRO) joint venture (JV) with Russian state corporation Rostech and European based SR Technics (SWS).

SR Technics (SWS) will invest $100 million in the Russian business through 2020. The partners will launch two companies, one for Airplane Maintenance & Repair, and the second one will focus on Components. All partners will have equal shares. SR Technics (SWS) will control the new provider and will be responsible for results.

The second joint venture (JV) will create a component storage and a component repair facility. SR Technics (SWS) will get 50%, plus two shares in the company; Aeroflot (ARO) and Rostech will have 25% minus one share each. Both companies will work not only in Russia but also in the countries in the east of Europe.

(ARO) said that the new (JV)s will allow it to reduce (MRO) costs by -$800 million over the next five years. After the (MRO) joint ventures (JV)s are launched, Aeroflot Technical Department will focus on the operational maintenance of (ARO)`s fleet at Sheremetyevo airport. The Aeroflot (ARO) fleet consists of 129 airplanes including A320 family, A330s and Sukhoi Superjet 100s. In January, it took the delivery of its first 777-300ER. (ARO) has 16 of the type on order.

SR Technics (SWS) named Christof Spath as Senior VP Component Maintenance. Prior to joining SR Technics (SWS), Spath served as Senior VP, President & General Manager of (MRO) and (FBO)-(EMEA) and Asia region at Jet Aviation (JTA).

May 2013: SR Technics (SWS), part of the Mubadala Aerospace Maintenance Repair & Overhaul (MRO) network, and Aeromexico (AMX) have signed a 10-year integrated component services (ICS) contract for (AMX)’s 19 787s. Financing will be provided by Sanad Aero Solutions, also part of Mubadala.

June 2013: SR Technics (SWS), part of the Mubadala Aerospace Maintenance Repair & Overhaul (MRO) network, and France’s Aigle Azur Airline (AZU) will establish a joint venture (JV) to provide line and light maintenance activities for (AZU)’s A320s.

August 2013: Finnair (FIN) has selected SR Technics (SWS) to perform heavy maintenance checks on two A320s. The "D"-checks, plus painting, are being carried out at SR Technics (SWS)' Malta facility, which specializes in narrow body Maintenance Repair & Overhaul (MRO).

In July 2012, Finnair (FIN) awarded Mubadala-owned SR Technics (SWS) a 10-year contract to maintain its (CFM) International (CFM56) engines and provide component support across its Airbus (EDS) and Embraer (EMB) fleet.

Finnair (FIN) operates nine A319s, 12 A320s and six A321s, all (CFM56)-powered. It has five International Aero Engines (IAE) (V2500)-powered A321s on order. It also operates four 757s, eight A330s and seven A340s, and has 11 A350s on firm order. Its airplane finance arm owns five Embraer EMB-170s (one operated by Aeroméxico (AMX), two by Flybe Nordic (FCA) and two by Kenya Airways (KEN)) and twelve Embraer EMB-190s, all flown by Flybe Nordic (FCA), which also has three Finnair (FIN)-owned ATR72s in service.

SR Technics (SWS) and Abu Dhabi Aircraft Technologies (ADAT), both members of the Mubadala Aerospace (MRO) network, will support Rockwell Collins products on Boeing 787s. Rockwell will give Mubadala access to spares, services and support for flight-deck displays, crew-alerting system, pilot (FC) controls, communication and surveillance and the 787 Dreamliner’s common data network.

SR Technics (SWS) will provide line maintenance on easyJet Switzerland (TEB)’s 22 Swiss- registered A319s and A320s for three more years. Service includes standard line maintenance, routine inspections, troubleshooting, defect rectification and out-of-phase work packages as required.

September 2013: SR Technics (SWS) has been selected by Finnair (FIN) to provide integrated component services for five new A321 narrow bodies. The Mubadala-owned Maintenance Repair & Overhaul (MRO) provider already provides component support for A320-family and Embraer jets in the Finnair (FIN) fleet, plus engine services for A320s and A340s.

(FIN)'s active fleet comprises nine A319s, 10 A320s, seven A321s, eight A330s, seven A340s and four 757s.

One of its A321s entered service this year, and is leased from (BBAM) (BBB). Two additional new A321s are to be delivered directly to Finnair (FIN) this year, and two more next year.

Aigle Azur (AZU) has signed a contract with SR Technics (SWS) covering "C"-checks on two A319 airplanes. The airplanes will be inducted in November and December of this year and the work will be completed out of SR Technics (SWS)’ narrow body Center of Excellence in Malta.

This agreement further extends the relationship between the two companies. In 2010, Aigle Azur (AZU) signed a long-term agreement with SR Technics (SWS) for the provision of "C"- and "A"-Checks on 12 of the (AZU)’s A320 family airplanes.

Aeroflot (ARO) has selected SR Technics (SWS) to install an Airbus (EDS) in-flight entertainment (IFE) and connectivity system on three of its A330-200s. Under the agreement, installation of (EDS)'s AirLine Network Architecture (ALNA VA) will be carried out alongside scheduled "C"-checks.

(ALNA V2) is a line-fit system that allows passengers to use their own wireless communication devices such as smartphones and laptops on board. The work is to be completed by year-end, with all modification and maintenance activities being completed at SR Technics (SWS)’ headquarters in Zurich, Switzerland.

November 2013: Qatar Airways (QTA) has contracted SR Technics (SWS) to upgrade the cabins of 7 A330-200s. The agreement covers a full cabin reconfiguration with new seats and installation of Panasonic’s eX2 in-flight entertainment (IFE) system, said (SWS), the Swiss (MRO) provider.

The (IFE) equipment will give passengers broadband access and certain mobile-phone capabilities. The A330-200 will be processed at (SWS)’ base in Zürich, where the work will run until July 2014.

The maintenance provider (a subsidiary of Abu Dhabi’s Mubdala Aerospace consortium) has a long-standing relationship with (QTA), which is now being expanded to complex cabin modifications, said André Wall, SR Technics (SWS)' President.

Qatar Airways (QTA) operates 19 A330-200s and 13 A330-300s.

SR Technics (SWS) has signed a 5-year contract with Transavia France (TVF) for light, line and limited base maintenance on 11 737s.

SR Technics (SWS) will continue to service the engines powering South African Airways (SAA)'s A340-200/-300 fleet until 2018, after the contract was extended by 5 years. "This agreement allows us to drive the bottom line from a cost perspective", said (SAA)'s (CEO) Musa Zwane. The (CFM) International (CFM56-5C) powerplants will be overhauled at SR Technics (SWS)’s shop in Zürich, Switzerland.

(SAA) operates an A340-200 and 8 A340-300s, as well as 9 Rolls-Royce (RRC) (Trent 500)-powered A340-600s.

December 2013: SR Technics (SWS) has appointed Christof Spaeth Head of Line Maintenance International & Training Services.

May 2014: Etihad Airways (EHD) is to acquire maintenance, repair & overhaul (MRO) operation, Abu Dhabi Aircraft Technologies (ADAT), owned by investor Mubadala. (EHD) Senior VP Technical, Jeff Wilkinson will be responsible for (ADAT) from the end of this month.
(EHD) is to take over its Engineering assets, paint facilities and personnel to enable it to carry out airframe and component work on its expanding fleet, including its new Boeing 787s and Airbus A380s.

Abu Dhabi’s investment house, Mubadala has signalled a major switch in its ambitious aerospace strategy, offloading its maintenance, repair & overhaul (MRO) unit (ADAT) to Etihad Airways (EHD), while taking full control of specialist Italian airframer, Piaggio Aero.

Although (ADAT)’s component and airframe activities (including a new three-bay Airbus A380 hangar) will transfer to (EHD), Mubadala will retain the higher-margin engine (MRO) business, setting up a new company. This is likely to be in Al Ain, where it already has military (MRO) activities, and which is home to its aerostructures subsidiary, Strata.

June 2014: SR Technics (SWS) and AV Cargo (AVB) have signed an exclusive 5-year agreement for (PW4000) engine maintenance and engine condition monitoring.

August 2014: SR Technics (SWS) has appointed Christina Johansson as (CFO).

February 2015: SR Technics (SWS) and Germania Fluggesellschaft (GER) have entered into an exclusive long-term agreement for engine services valued at $180 million. The agreement covers engine services on (CFM56-5B)s and (CFM56-7B)s, and these services will be carried out at (SWS)’s facilities in Zurich.

March 2015: News Item A-1: SR Technics (SWS) has won a a 5-year (MRO) contract from Royal Jet (RJT) for (CFM56-7B) engines on 6 737-700s.

News Item A-2: (SWS) has signed a 5-year, multi-million Swiss franc contract with Helvetic Airways (OAW) to service 7 Embraer E190s. (SWS) will maintain components; wheels and brakes; perform line maintenance; and call-out support and specialist tooling provision.

News Item A-3: Swiss maintenance specialist SR Technics (SWS) has appointed Constanze Timpe as Chief Human Resources (HR) Officer.

Effective 1 April, she succeeds Daniel Heiter, who temporarily managed the Personnel department.

Timpe previously served as VP People Services at Kempinski Hotels in Geneva, and will bring to her new role a "strong track record in developing and implementing global (HR) and governance strategies", said SR Technics (SWS).

Heiter will continue in his role as a global business partner, added (SWS).

July 2015: "SR Technics (SWS), AerFin Combine for A340 Support" by (ATW), July 15, 2015.

SR Technics (SWS) and AerFin have signed a Memo of Understanding (MOU) to manage and market a joint solution, to be branded "Beyond.Fleet.Services" and combine for A340 support.

October 2015: SR Technics (SWS) has secured an order from Air Europa (ARE) Lineas Aéreas to upgrade 12 Airbus A330 cabin interiors. (SWS) has also secured from Scandinavian Airlines (SAS) an order for 4 wide body cabin modifications.

November 2015: SR Technics (SWS) has signed a 6-year integrated component-services contract with Lion Air (MLI) to manage components on A330s. Services will be managed from Kuala Lumpur and Zurich.

January 2016: News Item A-1: SR Technics (SWS) will provide cabin modifications to Intrepid Aviation (INL) on seven of the lessor’s Airbus A330s. (SWS) will install modifications and retrofit in-flight entertainment systems and wireless capabilities on the A330s in Zurich. Design specifications, supply-chain management and planning will also be carried out in Dublin. And (SWS) will do heavy maintenance and painting on the A330s.

News Item A-2: SR Technics (SWS) has created regional Head of Sales positions for Americas, Europe and Asia-Pacific, appointing Caroline Vandedrinck in the Americas, KlausPeter Leinauer in Europe and Thomas Kennedy in Asia-Pacific.

February 2016: SR Technics (SWS) has signed a 6-year component support contract with Vietjet (VJE) for Airbus A320s and A321s. (SWS) will provide the services in Ho Chi Minh City from March 2016.

March 2016: SR Technics (SWS) has signed a long-term agreement with Russia’s (S7) (SBR) Engineering to provide aircraft operators with maintenance and on-wing services for (CFM56-5B)s and (CFM56-7B)s. (SWS), the Swiss Maintenance Repair & Overhaul (MRO) organization will carry out services at (S7) (SBR)’s new repair facility at Domodedovo Airport in Moscow, due to start operations in summer 2016, along with centers in Novosibirsk and Mineralnye Vody.

April 2016: News Item A-1: Airblue (ABU) has extended its contract with SR Technics (SWS) covering maintenance of the (CFM56-5B) engines powering its A320 fleet.

The agreement, worth $30 million and running until 2022, extends on a previous 7-year contract between the parties for the same services.

Sadia Mohammad, (ABU)’s Deputy Managing Director for Operations, said (ABU), the Islamabad-based airline, extended its contract because of (SWS)’s track record servicing its (CFM) engines. “It is a record which clearly demonstrates that SR Technics (SWS) provides the Swiss quality levels and safety stamp at the competitive rates that Airblue (ABU) and its customers prize greatly,” she said.

News Item A-2: SR Technics (SWS) has signed a 6-year contract to provide maintenance on the (PW4000) engines powering German leisure airline, Condor (CDF)’s fleet of 767 airplanes.

Under the terms of the agreement with (CDF), part of the Thomas Cook Airlines Group, all work will be carried out at SR Technics’ Center of Excellence for Engine Services in Zurich.

SR Technics (SWS)’ interim (CEO) Jeremy Remacha said in addition to the engine services contract, the firm will also provide Condor (CDF) with financial risk mitigation and “other value-adding benefits” including access to a spare engine parts pool and a spare engine.

June 2016: SR Technics (SWS) has been awarded a 5-year contract to provide heavy maintenance services on UK low-cost carrier (LCC) easyJet (EZY)’s fleet of A320 aircraft.

Under the terms of the agreement, (SWS) will carry out the work at its facility in Malta. The agreement, signed on June 22, expands on an existing relationship between the parties dating back to 2005.

Ian Davies, Head of Engineering & Maintenance at (EZY), said they chose to expand their cooperation with SR Technics Malta due to the quality of its work along with its safety, quality and efficiency standards.

July 2016: "(HNA) Takes Majority Stake in SR Technics."

China’s (HNA) Aviation has agreed to buy a majority stake in SR Technics (SWS) from sole shareholder, Mubadala.

The deal was announced on July 15 and will see (HNA) take an 80% stake in the Swiss Maintenance Repair & Overhaul (MRO) organization, which will remain a standalone operation.

Mubadala, Abu Dhabi’s investment and development company, which has held its majority stake in SR Technics (SWS) for >6 years, will retain a 20% share of (SWS).

Chen Wenli, Vice Chairman of the (HNA) Group, said: “(HNA) fully supports the existing long-term strategy and executive management team, and will be a reliable partner to support SR Technics (SWS)’ focus on continuing to deliver value to its existing customers, and expanding its global (MRO) business.”

While Chinese companies buying up overseas firms has become a common occurrence in the past 10 years, (HNA) has had its eyes on Switzerland lately, with the company also set to snap up Swiss flight services specialist, Gategroup for $1.5 billion in addition to SR Technics (SWS).

Further (HNA) acquisitions in the aviation sector could be on the cards, with Group Chairman, Chen Feng telling the "Financial Times" earlier in July that he is looking to do more takeovers despite China’s economy stalling in the past year.

While the purpose of (HNA)’s acquisition is obvious, one has to ponder why Abu Dhabi government-backed Mubadala is selling its majority share in SR Technics (SWS). (SWS) has performed strongly in recent years and possesses a strong airline customer base. This was further buoyed by last year's $150 million contract to provide component support for Etihad (EHD)’s fleet of 787 airplanes.

According to "Bloomberg," Mubadala’s decision to relinquish its majority stake and become a minority shareholder could lie in the global oil price slump, which reportedly led to the state investment group starting proceedings to offload its Swiss asset in February.

But considering that Mubadala unveiled a partnership with Rolls-Royce (RRC) to establish an approved maintenance center in Abu Dhabi for the (Trent XWB) engine maintenance as part of an existing, long-term aerospace strategy for the (UAE) state, its (MRO) activities are clearly far from done.

October 2016: easyJet (EZY) recently opened a maintenance hangar with unique operating arrangements and announced 5-year base maintenance contracts to SR Technics (SWS) and Lufthansa Technik (DLH) (LTK).

November 2016: News Item A-1: China's (HNA) Group, owner of Hainan Airlines (HNA), and Abu Dhabi state investor Mubadala Development Company said on November 28, they would invest together in tourism, logistics and financial services. They will also look at areas including aerospace, advanced manufacturing, real estate and healthcare, they said in a joint statement.

(HNA), a shipping and airlines conglomerate with >US$90 billion of assets, began a commercial relationship with Mubadala in July when Mubadala agreed to sell a majority stake in SR Technics (SWS), a civil aviation business, to (HNA).

Mubadala retained 20% of SR Technics (SWS).

In an effort to strengthen its ties to the Gulf, (HNA) in September 2015 announced plans for an Islamic financing deal, although it has not yet announced completion of the deal. Mubadala, which is merging with fellow state fund International Petroleum Investment Company, has stakes in companies across the world. Mubadala had 246.4 billion dirhams/US$67.1 billion of assets at the end of 2015.

January 2017: SR Technics (SWS) has an Edelweiss Air (EDE) contract to upgrade cabins of 4 Airbus A340-300s.

Fleet:
(definitions)

Click below for photos:
SWS-SWISSAIR A330
SWS-SWISSAIR-A321-111
SWS-SWISSAIR-A330-200

October 2017:

(SWS) now only continues to exist as SR Technics jet airplane, Maintenance, Repair & Overhaul (MRO), and does not operate any airplanes. SR Technics later became part of the Mubadala Aerospace (MRO) Network. In July 2016, Mubadala's ownership was reduced to a 20% share, as China's (HNA) Aviation took a majority stake.

In the past, the previous Swissair (SWS) fleet was as follows:

0 747-200F (JT9D-70A) (20827), EX-(FED), (TLS) WET-LSD, RTND.

0 747-357 (JT9D-7R4) (585-22995, /83 ZS-SKB), RTND (GEF), LST (SAA).

0 747-357 (586-22996, /83 ZS-SKA), RTD (GEF), LST SAA.

0 747-357 (JT9D-7R4) (570-22704, /82 HB-IGC; /83 HB-IGD "BASEL"), SOLD.

0 747-357 (JT9D-7R4) (686-23751, /87 HB-IGG), RTND.

0 747-400F, (CLX) WET-LSD 11/99 FOR SWISSCARGO. RTND.

0 767-300ER, (FLL) LSD, 2 OPS BY (SBL) & 2 OPS BY (BCT).

00 MD-11 (PW4462) (458-48443, /91 34 06). 48484 RTND (TBC) 2002-06. 14 TO (CSR).

0 MD-11 (PW4460) (48484; 48485; 48486; 48538), EX-(LTU), 4 SOLD.

0 A310-325, 3 RTND.

0 A319-111 (CFM56-5B6) (588), (BBB) LSD. 3 TO (CSR) 2002-03. LAUNCH CSTMR. 6 TO (CSR) 116 PAX.

0 A319-112 (1018, HB-IPR), 1999-05, TO (CSR).

00 A320-214 (CFM56-5B4/2). 8 TO (CSR) 2002-03. 4 RTND.

0 A320-314 (1179), (FLL) LSD. RTND.

00 A321-111 (CFM56-5B6) (827) (891), (ILF) LSD. 6 RTT (ILF) LST (CSR) 2002-03.

00 A330-223 (PW4168A) (TO REPLACE 8 A310-300'S), 6,300 NM (224; 229; 240; 253; 255; 262; 275; 288; 291; 294; 303; 311; 342; 349) (277, HB-IQG 5/99) (HB-IQJ) (299, HB-IQK), (312, HB-IQN; 343, /00 HB-IQO; 366) (305, (FLL) LSD 2000-12). 6 TO (CSR). 4 RTND. 224 PAX, 2 CLASS.

0 A330-200 (366), (ILF) 5 YR LSD 2001-07, EX-(FLL). 1 RTND.

0/0 A340-642 (410; 417; 426; 431; 440) CANCELED 5/5.

00 OPTIONS A330/A340 CANCELED 21.

0 ORDERS A340-642 (TRENT 500), (ILF) 10 YR LSD, CANCELED 2.

Management:
(definitions)

Click below for photos:
SWS-1-JAMES STEWART - 2012-02
SWS-SEAN O CONNOR GM AMERICAS - 2011-10

NICO ISSENMANN, CHAIRMAN (2008-04).

JAMES STEWART, GROUP CHIEF EXECUTIVE OFFICER (CEO), PARENT, MUBADALA MAINTENANCE REPAIR & OVERHAUL (MRO) NETWORK (2010-01).

JEREMY REMACHA, INTERIM (CEO) SR TECHNICS (SWS).

ANDRE WALL, PRESIDENT, EX-JET AVIATION (JVA) (2009-05).

MIKE HUMPHRIES, (CEO), SR TECHNICS (UK) (ATD), & HEAD OF COMPONENT SERVICES (2004-06).

SEAN O'CONNOR, GENERAL MANAGER, SR TECHNICS AMERICA (SUNRISE, FLORIDA, USA), EX-AER LINGUS (ARL)/FLS AEROSPACE (2011-10).

DECLAN O'SHEA, (CEO), SR TECHNICS IRELAND (TEL) & HEAD SALES & MARKETING (2004-06).

RAYMOND SISSON, CHIEF COMMERCIAL OFFICER (CCO), EX-TITAB AVIATION (2009-12).

MS CHRISTINA JOHANSSON, CHIEF FINANCIAL OFFICER (CFO) (2014-08).

SAM GORMAN, ACTING EXECUTIVE VP COMPONENT SERVICES, EX-HONEYWELL (SGC) (2008-01).

FREDERIC DUPONT, HEAD GLOBAL SALES MAINTENANCE REPAIR & OVERHAUL (MRO), PARENT MUBADALA AEROSPACE, EX-(PRW) (2012-04).

GERRY TIMONEY, HEAD ENGINE DIVISION (SWITZERLAND), & HEAD ENGINE SERVICES & BUSINESS DEVELOPMENT.

TORSTEN TAMM, HEAD INTEGRATED SUPPLY CHAIN & MANAGEMENT UNIT (2008-01).

CHRISTOF SPAETH, HEAD LINE MAINTENANCE INTERNATIONAL & TRAINING SERVICES (2013-12).

ANDY BEST, HEAD LINE MAINTENANCE INTERNATIONAL (2012-05).

ANTOINE GERVAIS, HEAD OPERATIONS DEVELOPMENT (2012-05).

MS STEPHANIE KENNETT, SENIOR VP CORPORATE DEVELOPMENT.

JUTTA TRIMMEL, SENIOR VP QUALITY & SAFETY.

MARCO IMBODEN, SENIOR VP CORPORATE & MARKETING (2008-04).

CHRISTOPH SPATH, SENIOR VP COMPONENT MAINTENANCE, EX-JET AVIATION (JTA) (2013-02).

DIRK MEIER, VP PROCUREMENT.

PETER MAURER, VP INFORMATION TECHNOLOGY (IT) STRATEGIES.

ALEX KUGLER, VP MAINTENANCE & OVERHAUL, HEAD OF AIRCRAFT SERVICES (2002-02).

EDUARD MEIER, VP ENGINEERING & QUALITY (1998-01).

JOHANN HALLER, VP COMPONENTS & MATERIAL SERVICES (2001-03).

PAUL TRUNIGER, VP POWERPLANT SERVICE CENTER (1998-01).

HANS WEDER, VP STRATEGIC GROUP FUNCTIONS (2001-03).

LUKAS BILLETER, DIVISION MANAGER ENGINEERING (ZRHEYSR) (1998-01).

P GRAF, DIVISION MANAGER AIRCRAFT MAINTENANCE.

KURT BRUHWILER, DIVISION MANAGER LINE MAINTENANCE RAMP,
(kbruehwi@sairgroup.com).

CHRISTIAN HEGNER, HEAD AIRCRAFT ENGINEERING (SR TECHNICS ENGINEERING) (2002-08).

MS CONTANZE TIMPE, CHIEF HUMAN RESOURCES (HR) OFFICER (2015-03).

MS CAROLINE VANDEDRINCK, REGIONAL HEAD OF SALES, THE AMERICAS (2016-01).

KLAUSPETER LEINAUER, REGIONAL HEAD OF SALES EUROPE (2016-01).

THOMAS KENNEDY, REGIONAL HEAD OF SALES ASIA-PACIFIC (2016-01).

MANFRED BRUNNER, MANAGER LINE MAINTENANCE MANAGEMENT SUPPORT
(manfred.brunner@srtechnics.com).

PETER SMITH, DEPUTY POST HOLDER MAINTENANCE
(peter.smith@sairgroup.com).

 
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