IA Engineering Company Limited (SIAEC) announced it has signed an agreement today with The Boeing Company (Boeing) to form a joint venture based in Singapore, which will provide fleet management services to airlines in the Asia-Pacific and beyond. The agreement is subject to regulatory approvals being obtained in the relevant jurisdictions.
Under the agreement, SIAEC will hold a 49 per cent equity stake in the joint venture, with the remaining 51 per cent to be held by Boeing.
The joint venture will leverage on Boeing’s original equipment manufacturer (OEM) expertise and advanced e-enabling technology, as well as SIAEC’s extensive maintenance experience and intimate knowledge of airlines’ engineering needs, to provide a customised, comprehensive and integrated suite of fleet management services to customers. The joint venture will offer service offerings for B737s, B747s, B777s and B787s.
Through this collaboration, airlines will be able to procure the full spectrum of engineering, materials management and fleet support solutions, thereby deriving higher operating efficiencies and greater upfront certainty in their fleet servicing costs.
SIAEC’s President & Chief Executive Officer, Mr William Tan said: “The joint venture will be a game changer for the airline industry. It will set new standards for aircraft reliability and utilisation. It will also make fleet management solutions far more accessible, customisable and affordable for airlines. Aircraft ownership will be made much simpler. SIAEC is delighted to partner Boeing in changing the future of aircraft fleet management for the industry.”