IAR Brasov to participate in Airbus project for Super Puma helicopters

The shareholders of state-controlled IAR Brasov decided to lay at the disposal of Vadstena, a company registered by Airbus Helicopters in Romania, a piece of land of 15,000 square meters, for the manufacture of Super Puma helicopters in Romania, as well as the indirect participation of Airbus Helicopters Romania to shareholding, a company report sent to Bucharest Stock Exchange shows, quoted by ActMedia.

2014-07-25 13:26:28

On that land Vadstena will build an industrial warehouse of 8,550 sq.m., for the manufacture of Super Puma MK1 in Romania. The shareholders entrusted the Administration Board of IAR and the executive directors to negotiate the land contract. The land will be laid at Vadstena's disposal during the carrying out of the project for the manufacture of Super Puma MK1 helicopters in Romania but no more than 99 years, while the price must be at least equal to the one established by an authorized evaluation company, the ActMedia news reads.

The land contract cannot be transferred to a third party without the agreement of IAR. Vadstena must also pay local taxes on land and buildings. The land contract will come into force after adopting the decision on the implementation of the project on the IAR platform and after taking the land out of the IAR inventory, the report shows.

At the same time the shareholders approved that the profit gathered at the level of 2013, which should belong to IAR from Eurocopter Romania, should be used for the development fund and buying a participation at Vadstena, considering that IAR is shareholder of Eurocopter Romania.

The indirect penetration of Airbus Helicopters as shareholder will be done after the conclusion of an accord between Airbus Helicopters, Vadstena, Eurocopter Romania and IAR, stipulating the strategy for division of profits of the two companies controlled by Airbus Helicopters. IAR will thus have the guarantee to receive profit when wither of the two companies will register profit.

The accord must also foresee the program and level of industrial implication of IAR in helicopter manufacture or other Airbus Helicopter projects on middle term, at the level of at least 140,000 man hours/year.

Super Puma helicopters have 2 seats for pilots and 19 passenger seats. The EC225 version has a range of 1,135 km and can reach a maximum speed of 345 km/h.Helicopters from the Super Puma family are known for their robust look and operation ability in hostile conditions.

Airbus Helicopters, previously called Eurocopter, has 23,000 employees at world level and is present in Romania by means of Eurocopter Romania, where it holds 51 per cent of shares, the rest being controlled by IAR.

Eurocopter Romania, set up in 2002, has developed activities in the civil and military markets and is the main industrial center within the group which executes repair/revision and modernization works on Puma and Allouette helicopters in the world. Since 2008 Eurocopter Romania has launched activities for Super Puma helicopters, including maintenance, capital repair works and upgrades.
IAR Brasov, set up 90 years ago, produced over 1,000 aircraft of varied types until 1945, and after WW II it was turned into a unit manufacturing tractors. In 1968 the aircraft factory reopened under the name of ICA Brasov and specialised in the manufacture of helicopters in partnership with Aerospatiale France, now an Eurocopter subsidiary unit.

IAR is listed on the Rasdaq market of BVB and the Ministry of Economy owns 64.9 per cent of shares.