Swiss company SR Technics has agreed to acquire rival FLS Aerospace from the Danish conglomerate FLS Industries.

MORE than 1,500 workers at FLS Aerospace, the former Team Aer Lingus aircraft maintenance operation at Dublin airport, were given a stay of execution yesterday when the company announced 420 job losses in Britain.

Denmark based FLS Aerospace, which employs 1,500 in Dublin, said today that a planned restructuring of its UK and Irish operations will result in a reduction of 8-10% in its workforce.