PANAMA CITY, PANAMA – August 18, 2009 – Copa Airlines, subsidiary of Copa Holdings, S.A. [NYSE: CPA], renewed a three year maintenance service agreement (MSA) of its fleet with Panama Aerospace Engineering, (PAE), subsidiary of Singapore Technologies Aerospace Ltd. (ST Aerospace), company dedicated to the maintenance, repairs and overhaul (MRO) of aircraft fleet. The agreement will cover maintenance service of Copa Airlines an Aero Republica’s fleet, which consists of 54 aircrafts, 28 Boeing 737-Next Generation and 26 Embraer E-190.
For Panama this agreement, totaling 18.5 million (USD), represents approximate 220 employment positions created locally by PAE and more opportunities for the professional growth of Panamanians interested in continuing their technical careers in aviation, especially in the aircraft maintenance.
We are happy to renew this contract, in all the time we have worked with ST Aerospace in Panama, Copa Airlines has reached best efficiencies in the maintenance process of our aircraft, which not only reduces time consumption and costs of transportation for the maintenance of the same, but it allows us to have the best availability of aircraft for our operations,” said Pedro Heilbron, CEO of Copa Airlines. “This agreement, will allow us to propel Panama as one of the main centers of aircraft maintenance in Latin America.”
In relation to Copa Airlines, this initiative represents noticeable benefits in maintenance and constant revision of its fleet, that range from major inspections like C Checks, modifications with the manufacturer, external paint, among others. These jobs are conducted in the PAE installation located in the old air base of Howard in Panama City. PAE makes it possible for Copa Airlines to have technical assistance for its aircraft close to its hub at Tocumen International Airport – Hub de las Americas.
As part of the global network of MRO (Maintenance Repair Overhaul) of ST Aerospace, PAE provides its resources and knowledge to make sure Copa Airlines receives adequate technical assistance. On April of the current year, the facilities in Panama of ST Aerospace received its certification of Embraer E-190, adding value to the benefits of having a maintenance company in the same city where the airline has its base operations. On the other hand, it reaffirms the commitment of Copa Airlines’ resources, time and dedication to projects that promote the aviation development in Panama.
Copa Airlines was the launch customer for our facility in Panama three years ago, and this contract extension with Copa Airlines shows that Copa is happy with the support it has received and is confident that it can rely on ST Aerospace for the maintenance of its fleet. We look forward to a long and successful relationship with Copa and thank Copa Airlines for working with PAE to build the success story. Today’s event also attests to the strong systems and processes in place within our global network and to the ability of the Group to leverage on its global resources to meet the needs of our customers,” said Tay Kok Khiang, President, ST Aerospace. “We also thank the Panamanian government for the support they have given us. We remain committed to develop a significant aviation services capability in Panama, to provide employment opportunities for Panamanians and to contribute to the nurturing and development of the local workforce.”