23-Feb-2023 Source: ITP Aero
The plan announced is part of ITP Aero’s strategy to reinforce its leadership as an independent company in the global aeronautics market, by increasing its production capabilities, global industrial footprint and proprietary technology development capacities to lead the change towards a sustainable aviation sector. In this way, ITP Aero will accelerate its growth trajectory, under Bain Capital ownership, with a record capex investment and the launch of numerous growth initiatives.
As part of its growth plan, ITP Aero announces today a new R&D facility to be located at its global headquarters in Zamudio (Basque Country, Spain). The new R&D centre entails a 24M€ investment and 120 highly specialised positions and is expected to be operational during the second half of 2024. The new R&D centre, which will be designed to the highest sustainability standards, focuses in key advanced manufacturing and digital technologies required to produce the products that the aero engine market demands, in line with ITP Aero’s commitment towards sustainable aviation. The R&D centre will also support the technology needed to develop FCAS, where ITP Aero is the Spanish leader of the engine pillar.
This announcement comes at a time of gradual industry recovery after more than three years of heavy impact caused by Covid-19. With the opening of air travel, passenger traffic is now showing clear recovery – full recovery expected by 2025 – and this will gradually transform into increased production demand for more sustainable aircraft and engines.
During this time ITP Aero has continued investing in its industrial capabilities across its different global plants, such as the recent investments performed in Zamudio to support the production of new products, including engine structures and NGVs (nozzle guide vanes) for Trent engines, as well as complex fabrications in its Externals business area (Derio, Basque Country, Spain).
Under the new ownership, the company will invest heavily in the Spanish ecosystem growing across all sites to support market growth demand forecast. The plan includes investments in castings, a product that is currently highly demanded in the market. In this line, ITP Aero plans to invest 10M€ to continue enhancing its PCB facilities (Barakaldo and Sestao) in order to increase operational capacity of both sites. The company’s facilities in Queretaro (Mexico) will continue growing its engineering and manufacturing activities, and will launch a new activity associated with castings. ITP Aero will also continue expanding its MRO activities to support in service engine operations.
Over 2022, ITP Aero’s global headcount increased 8% up to 4,700 employees (+370 jobs). For 2023, the company expects to continue growing its headcount globally, in a similar rate to 2022.
Carlos Alzola, CEO ITP Aero, commented: “under our new ownership and in a growing market context, we are entering a new phase of profitable and quality growth that will reinforce our leadership in the aeronautics sector at European and global level. As an independent company, we are now in a privileged position to build upon our excellent capabilities and increase our customer reach. I would like to thank everyone in ITP Aero for creating such a great company; this plan is the result of all our hard work over the last years. We are preparing to lead the technological breakthroughs that will shape the future of our industry”.