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Romanian stock indices rise further, BVB leads gainers
Nov 07, 2018 14:22 EEST
November 7 (SeeNews) - Romanian state-run aircraft repair and maintenance company IAR Brasov [BSE:IARV] said on Wednesday it has signed the final cooperation agreement with Airbus Helicopters for production of the H215M multi-role helicopter in Romania.
Under this general agreement IAR Brasov will become the prime contractor for any further H215M order placed by the Romanian defence ministry, IAR said in a press release. The deal will contribute to the creation of some 6,300 new direct and indirect jobs in Romania.
"The agreement reflects the joint commitment of Airbus and IAR to contribute to the modernization of the helicopter fleet. The document provides for a close collaboration over the next 15 years, Airbus being the exclusive partner of IAR in the Ghimbav aerospace cluster, in Brasov county," IAR general director, Neculai Banea, said.
The H215M is a nine-ton-class rotorcraft from Airbus Helicopters’ Cougar/Super Puma family, with a full glass cockpit, modern avionics, competitive operating and maintenance costs, and the ability to be armed for ground attack and support missions, according to data posted on the manufacturer's website.
Airbus Helicopters is a division of Airbus Group. Airbus Helicopters Industries, a 10,000 sq m factory based in Brasov, was inaugurated in 2016 and will house production of the H215s in Romania. The company has been present in Romania for over sixteen years through its customer center, Airbus Helicopters Romania.
IAR and Airbus Helicopters' partnership dates back to 2002, when they set up a joint venture company, Eurocopter Romania, which carries out the maintenance and repairs of helicopters.
IAR Brasov is an aerospace manufacturer founded in 1925. It is based in Ghimbav, near Brasov and employs around 316, carrying out maintenance, repairs and upgrades of military helicopters and supply of spare parts.
At the end of 2016, IAR signed a 313.1 million lei ($72.7 million/ 68.9 million euro) contract with the defence ministry for an upgrade of IAR 330L PUMA helicopters.
IAR Brasov made its debut on the main market of the Bucharest Stock Exchange (BVB) in July 2015, moving from the over-the-counter market Rasdaq. More than 64% of its shares are owned by the Romanian state.
IAR shares traded 9.17% higher at 7.86 lei as at 1217 CET on Wednesday on the BVB.
($ = 0.9396 euro)
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