SWISS GROUP SR Technics sold part of its Dublin aircraft maintenance business this week to an Abu Dhabi-based sister company, The Irish Timescan reveal.
It is understood that Abu Dhabi Aircraft Technologies now plans to move the operation to the Middle East, with no jobs remaining in Dublin.
About 200 workers were previously employed in the auxiliary power unit (APU) and landing gear unit but most of these are thought to have been laid off.
On Wednesday, SR Technics announced that its landing gear and APU operations had been sold to a “preferred bidder”, which it declined to name.
It also would not state how much was paid for the business.
Informed sources have confirmed to The Irish Times that the business has been offloaded to Abu Dhabi Aircraft Technologies, which is owned by Mubadala Development Company.
Mubadala, in turn, also controls SR Technics. According to one informed source, the bid by Abu Dhabi Aircraft Technologies was submitted after the March 31st deadline set by SR Technics.
This revelation has angered other bidders in the process and is also believed to have angered the Government and the IDA.
“It’s a sham,” said one person involved in a bid for the business, adding that SRT never seriously engaged on price.
It is understood that representations have been made to SR Technics through the Tánaiste and Minister for Enterprise, Trade and Employment Mary Coughlan.
It is understood that four or five bids were lodged with SR Technics for the APU and landing gear business. SR Technics is also seeking to offload its base maintenance, line maintenance and garage operations at Dublin airport.
On Wednesday, SR Technics said it had decided to break up the sale of the Dublin assets as it did not receive a substantial offer for the entire business.
This assertion has been rejected privately by groups and advisers involved in the process.
Bidders are believed to have included a group led by Irish aviation executive Conor McCarthy, who previously worked for Ryanair.
Mr McCarthy’s consortium is believed to have submitted an offer of close to €10 million, which is thought to be close to the book value of the APU and landing gear operations.
Mr McCarthy could not be contacted for comment.
The company earlier this year announced plans to close its Dublin aircraft maintenance operation with the loss of more than 1,100 jobs.
At the same time, SR Technics said it had agreed a deal to sell the lease on its hangars here to the Dublin Airport Authority, for a sum believed to be in the region of €20 million.
Hundreds of workers have already been laid off and the operation is due to be wound down in August.
SR Technics was one of the biggest employers in north Co Dublin.
