Repair plant sale not to cost jobs

NO JOB losses are expected at SIFCO Ireland, the Cork-based aircraft engine-repair operation, once the sale of the company is completed as expected next month.

SIFCO Industries, the division's US-based parent, has agreed the sale of its Large Aerospace Turbine Engine Component Repair business based at Cork's Mahon Industrial Estate to Swiss company SR Technics for approximately $9.8 million (€8.04m). The deal is expected to be finalised, subject to certain conditions being met, towards the end of April. SIFCO Ireland employs between 400 and 500 people.

SR Technics, which is based in Zurich, is a global leader in the area of technical solutions for aircraft, engines and components. It recorded operating profits in 2004 of CHF1.2 billion (€760,000).