BUCHAREST (Romania), August 10 (SeeNews) - Romanian aircraft construction and repair company Aerostar [BSE:ARS] has been designated as provider of maintenance services for the country's F-16 fighter jets, the defence ministry announced.
By signing a collaboration protocol with the Romanian Air Force, Aerostar will ensure the concentration of all of the necessary resources in a single repair and maintenance centre for the F-16 multi-role combat aircraft on the Romanian territory, the defence ministry said in a statement on Saturday.
In 2017, the F-16 manufacturer Lockheed Martin and Bacau-based Aerostar signed a technology transfer agreement regarding the maintenance and repair of the jets.
At the end of 2019, Romania announced it is purchasing five more F-16 from Portugal for 333.2 million euro ($392 million). The delivery of four aircraft is scheduled for 2020, while the fifth will be delivered in 2021. The intended purchase was first announced in July 2018.
Romania currently has 12 F-16, which it bought from Portugal during 2016-2017.
Aerostar is a Romanian aerospace company specialised in repairing and upgrading military aircraft, producing light aircraft, hydraulic equipment for aviation and piston engines as well as electronics and other specialized equipment. The company exports its products to various countries in Europe, Asia, North America and the Middle East.
Privately-owned Romanian defence group IAROM holds a stake of 71.36% in Aerostar. Investment fund SIF Moldova owns 15.05%, while the rest is held by smaller-scale shareholders.
Aerostar's shares traded 12.84% higher at 4.92 lei ($1.2/1.02 euro) on the Bucharest Stock Exchange as at 1151 CET on Monday.
($= 0.8465 euro)