Mac Interiors’ owner Magnetic MRO and Guangzhou Hangxin Aviation Technology completed the full acquisition and change of shareholder structure on May 3, 2018. This historic milestone was celebrated with a private ceremony, held in Estonia at Lennart Meri Tallinn Airport.
It is recorded as China’s largest investment deal in Estonia, worth 43 million euros (about 37.5 million British pounds) of equity value. Guangzhou Hangxin Aviation Technology has officially become the parent company and strategic investor of Magnetic MRO and all of its sub-brands, including Mac Interiors and EngineStands24 to expand their global presence.
Alo Ivask, Chairman of the Board of Enterprise Estonia, welcomed the investment deal and hailed the fast growth and high-level quality of Magnetic MRO in the past years, expecting a bright future for the company after Hangxin’s acquisition.
Li Chao, Chinese ambassador to Estonia, termed the acquisition deal as a strong union that will promote and deepen bilateral cooperation, which adopts the Belt and Road Initiative.
In the past five years under majority shareholder BaltCap, Magnetic MRO grew from a labour-intensive maintenance facility into a global Total Technical Care maintenance and asset management organisation. Magnetic MRO acquired Mac Interiors in 2016, further expanding its portfolio.
Established in 1994 in Guangzhou, south China’s Guangdong Province, Hangxin is a privately-owned company providing aircraft component maintenance services, technical solutions in the field of aircraft engineering and safety to the Chinese aviation industry.