Upbeat on travel rebound: Lucio Tan, Lufthansa Technik forge ahead with $40M hangar project

Lufthansa Technik Philippines (LTP) is set to resume expansion efforts including the completion of a new hangar and rehiring of at least 700 employees who were laid off.

LTP, a joint venture between Germany’s Lufthansa Technik and bilyonaryo Lucio Tan’s aviation services firm MacroAsia Corp., said the company is starting to position itself for a travel revival with the expected completion of hangar 1A by the first quarter of 2022.

“The recent easing of travel restrictions around the world, including the Philippines, has brought back demand. Our hangars are much again full and we have a line of customer airlines waiting to be served by our very able Filipino workforce that has spent the last two years preparing, training, and expanding their skills for this moment,” said LTP president and CEO Elmar Lutter.

Lutter said the new hangar would expand LTP’s capacity 30 percent and generate 270 jobs.

“With this additional production capacity at Hangar 1A, we will soon start to rehire those mechanics and other staff,” he said.

Lutter said the LTP slashed its manpower by 80 percent to 2,700 employees. He expects LTP’s workforce to refer to pre-pandemic level of 3,400 by next year.

LTP started the construction of the expanded facility in September 2019, but the completion was delayed for one and a half years because of the global pandemic. It was supposed to be completed by fourth quarter of 2020.

The company’s hangar 1 currently services aircraft of various airlines, including Philippine Airlines and international carriers such as British Airways, Korean Air, Asian Airlines and Saudi Arabian Airlines.

Profit of Yap-led CEU clobbered by pandemic restrictions

Centro Escolar University (CEU), controlled by he heirs of the late Don Emilio Yap, saw a 23 percent decline in net income during its fiscal year ending May this year to P119.05 million due to the deferral of revenues and recognition of contract liabilities.

Germany raids properties belonging to Russian oligarch

German investigators on Wednesday raided properties belonging to a Russian oligarch suspected of tax evasion and breaking EU sanctions, police and prosecutors said, with sources naming billionaire Alisher Usmanov as the target.

GOLD! Trending Today
PLATINUM! Trending This Week
TITANIUM! Trending This Month