TWA Aero and GMF AeroAsia signed a memorandum of understanding to form a joint venture to provide commercial aviation maintenance services in South Korea.
“After a short period of final due diligence,” the JV should “be formed in early 2018 with a project completion date of 2020,” says a TWA Aero source.
The initial plans include building a four-bay hangar for narrowbodies at Muan International Airport in Jeollanam-do Province (South Korea). Expansion plans could include building back-shop support capabilities and a hangar big enough to fit widebody aircraft.
Muan County Office and Jeollonam-do governments have been assisting with the project.
TWA Aero of Malaysia, which trades and leases aircraft and engines, evaluated three MRO candidates and selected GMF AeroAsia “due to our existing long-term relationship with it and its desire to expand to areas outside of Indonesia,” says the TWA Aero source.
GMF AeroAsia says “Acknowledging the aircraft types utilized by South Korean airlines, 93% of them can be maintained in GMF,” says Tazar Marta Kurniawan, director of line operations.
The JV initially will target Airbus A318/319/320/321 and Boeing 737NG series aircraft.
The partners selected Muan International Airport because it accommodates international flights, does not have slot limitations and has “extensive available development land,” says the TWA Aero source.
The hangar design and building contractor are not yet finalized.