Future of industry: Strata ties up with Spain’s Aciturri
Strata said on Thursday it has signed a deal with Aciturri of Spain to explore how the two aerospace companies can cooperate globally.
Strata, the airplane parts maker that is the cornerstone of Mubadala Development’s aerospace portfolio, has been looking to expand its global footprint, particularly in North Africa, to be closer to Airbus Industries and other important European clients, as well as in North America, Strata chief executive Badr Al Olama said.
“There is no intention at all of creating a merger or acquisition of any kind,” said Mr Al Olama, who will become head of Mubadala’s aerospace division when it merges with International Petroleum Investment Company in May. He declined to comment on whether Mubadala intends to take a stake in Aciturri.
Further development: Strata plans to open a plant in Al Ain to handle its overflowing pipeline
“We share the same vision for the aerospace industry and are quite similar in the kinds of technologies and product focus we have,” Mr Al Olama said. “The intention is that we both have a shared opportunity here to actually become one of the top aero structures companies in the world,” which initially will entail looking at product, engineering capability, joint R&D and procurement projects.
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Published: March 30, 2017 04:00 AM