StandardAero, Inc.SARO
▲ PositiveSupplyrelevance
Company expands facility to meet growing customer demand, enhancing capacity.
Impact on assets 4
Aerospace & Aviation
StandardAero, Inc.
GE AerospaceGE
▲ PositiveDemandrelevance
Expansion increases MRO capacity for GE engines, potentially boosting service demand.
The Boeing CompanyBA
Mentioned
Embraer S.A.EMBJ
Mentioned
Theme Impact 1
Off-coverage companies 1
CFM Internationali
Private± Mixedrelevance
Related news
United States▲
FTAI and United Airlines Expand Engine Exchange Program to CFM56-7B
FTAI Aviation Ltd. announced a multi-year Maintenance, Repair and Exchange agreement with United Airlines under which FTAI provides engine exchanges in lieu of traditional shop visits. The relationship began with United's V2500-powered fleet and has now been extended to designated CFM56-7B engines, with the program structured to grow over its term. Under the program, FTAI delivers a serviceable engine ahead of each of United's scheduled removals and then purchases United's unserviceable engine in exchange, sparing the airline the cost and downtime of a traditional shop visit, while FTAI adds each acquired engine to its inventory as feedstock for its MRO network. The program started with an initial group of engines in 2026 and will continue to expand as additional engines come due for removal, with the two companies jointly planning deliveries against United's removal schedule. FTAI Chairman and CEO Joe Adams called United's adoption of the program a meaningful endorsement, and United Executive Vice President and Chief Financial Officer Mike Leskinen said the growing relationship will help improve utilization for the Boeing 737 NG aircraft that make up an important part of its fleet.
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Aerospace & Aviation › MRO & Aftermarket Services ▲Supply
Aerospace & Aviation › Aircraft Engines & Propulsion ▲Supply
FTAI · Demand · Positive FTAI expands its engine exchange program with United to CFM56-7B engines, adding a multi-year MRO agreement and engine feedstock
UAL · Demand · Positive United extends the engine exchange program to its CFM56-7B fleet, sparing shop-visit cost and downtime and improving 737 NG utilization
Thailand▲
Thai Airways signs 50-year lease on 210 rai, pushes ahead with U-Tapao aircraft maintenance centre worth 10 billion baht, opening in 2030
Thai Airways has signed a 50-year lease for 210 rai of land with the Eastern Economic Corridor Policy Committee, or EECO, to carry out the U-Tapao aircraft maintenance, repair and overhaul project, known as MRO. The contract begins on 1 October 2026, after the signing was postponed from the original date of 4 August 2026 because the Thai Airways board still had concerns about delays in the U-Tapao airport and Eastern Aviation City development project. EECO Secretary-General Chula Sukmanop confirmed there is no problem, as the site can still connect to U-Tapao's current runway. The MRO project on the 210 rai site carries an investment value of about 10 billion baht, with Thai Airways as the main investor. It is expected to take 3 to 4 years for design, construction and negotiations with partners before opening for service in 2030. The government will receive returns in two parts: land rent at a fixed rate adjusted according to the Comptroller General's Department rate, and a tiered revenue-sharing arrangement, with 3% in years 5 to 10, 5% in years 11 to 15, and 7% from year 15 onward. Thai Airways has also set up subsidiaries, Thai MRO Group Company Limited and Thai MRO Services Company Limited, each with registered capital of 1 million baht and 100% ownership, to support this project.
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Aerospace & Aviation › MRO & Aftermarket Services ▲Capital
THAI.BK · Capital · Positive Thai Airways signs a 50-year lease and invests ~10 billion baht in the U-Tapao MRO project, a major capex commitment.
Thai MRO Group Company Limited · Capital · Positive Thai MRO Group was set up by Thai Airways with 1 million baht registered capital to support the U-Tapao MRO project.
Thai MRO Services Company Limited · Capital · Positive Thai MRO Services was set up by Thai Airways with 1 million baht registered capital to support the U-Tapao MRO project.
Thailand▲2
FORTH approves capital increase of up to 455 million baht to fund commercial aircraft repair centre
Fort Corporation Public Company Limited, or FORTH, announced that its board of directors meeting on 30 September 2026 approved a proposal to be submitted to the first extraordinary general meeting of shareholders of 2026 to consider and approve an increase in registered capital of not more than 13,565,891.50 baht, from existing registered capital of 467,687,350 baht to new registered capital of 481,253,241.50 baht, through the issuance of not more than 27,131,783 new ordinary shares with a par value of 0.50 baht per share, offered to existing shareholders in proportion to their holdings at a price of 12.90 to 16.80 baht per share, at a ratio of 34.4752 existing shares to 1 new share. The final offering price will be determined at least 2 business days before the date on which purchasers of the securities are no longer entitled to subscribe for the new shares. The company expects to receive proceeds of approximately 350.00 to 455.81 million baht from this share issuance and offering, and plans to use the funds to support investment and business expansion under its commercial aircraft repair centre project, or MRO, by 2028. The first extraordinary general meeting of shareholders of 2026 is scheduled for 11 November 2026 at 2:00 p.m. on the 7th floor of the company's office building, and the record date for shareholders entitled to attend the meeting is set for 14 October 2026.
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Aerospace & Aviation › MRO & Aftermarket Services ▲Capital
FORTH.BK · Capital · Positive FORTH's board approved a capital increase of up to 455 million baht via new share issuance to fund its commercial aircraft repair centre (MRO) project by 2028.
United States▲impact 4
AAR Corp Posts Record Q1 Sales of $918 Million, Buys 65% of MRO Holdings for $4 Billion
AAR Corp reported record fiscal first-quarter sales of $918 million, up 24% year over year including 11% organic growth, with adjusted diluted EPS of $1.49 per share, up 38%, and adjusted EBITDA margin expanding 100 basis points to 12.7%. Alongside the results, the company agreed to acquire a 65% controlling interest in MRO Holdings at an implied enterprise value of approximately $4 billion, a 10.7 times adjusted EBITDA multiple net of tax benefit synergies. MRO Holdings is expected to generate approximately $1 billion in adjusted sales, $285 million in adjusted EBITDA at a 27% margin, and more than $200 million in adjusted operating cash flow in calendar 2026. The combined company would have roughly $4.3 billion in annual sales and nearly $700 million in adjusted EBITDA, lifting the adjusted EBITDA margin to 16% before synergies from about 12%, with a new medium-term target of 19% to 20% over the next three to four years. AAR expects approximately $75 million in run rate cost synergies within three to four years, funded by about $1 billion of AAR equity, including roughly $780 million to MRO Holdings shareholders at $135 per share and about $230 million via a PIPE, plus approximately $2.1 billion of new debt, taking net leverage to about 3.6 times at close before declining toward its 2 to 2.5 times target range.
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Aerospace & Aviation › MRO & Aftermarket Services ▲Capital
AIR · Capital · Positive AAR posted record Q1 sales of $918M with 38% EPS growth and agreed to acquire a 65% stake in MRO Holdings, lifting EBITDA margin targets to 19-20%.
Thailand▼5
Thai Airways Board Orders CEO to the Front Lines to Fix Baggage Backlog and Flight Delays
Lavaron Saengsanit, Permanent Secretary of the Ministry of Finance and Chairman of the Board of Thai Airways International Public Company Limited, or THAI, disclosed that at the company's board meeting on September 28, an urgent directive was issued to management to resolve the problems of delayed baggage and delayed flights affecting passengers in the aftermath of the flooding. The board assigned Chai Eamsiri, the Chief Executive Officer, to skip the board meeting and instead go to the front lines to take command and oversee the resolution of problems on site at the airports directly, while reporting progress back to the board periodically. Regarding the backlog of unclaimed baggage, the meeting directed management to urgently consider bringing in external service providers for support, and to possibly coordinate with Thailand Post Company Limited to deliver bags directly to passengers. At the same time, coordination will be made with Airports of Thailand Public Company Limited, or AOT, to speed up the clearance of baggage stuck in the system. As for the shortage of ground personnel caused by the floods, the board assigned the company to coordinate requests for manpower support from military units to help perform duties temporarily, and issued a special instruction that Thai Airways provide accurate information to passengers continuously and as quickly as possible.
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Aerospace & Aviation › MRO & Aftermarket Services ▼Supply
THAI.BK · Supply · Negative Thai Airways faces baggage backlog, flight delays, and ground personnel shortage after flooding, forcing CEO to the front lines.
AOT.BK · · Neutral AOT is only mentioned as a coordination partner to speed up baggage clearance, no direct impact stated.
Thailand▼4
Thai Airways vows to clear 5,600 backlogged bags in 72 hours, cancels flights to reset
Chai Eamsiri, Chief Executive Officer of Thai Airways International, or THAI, announced that all backlogged baggage will be cleared within 72 hours, after 100% of flights were delayed over the past two days, September 26-27, due to a labour shortage caused by flooding problems. More than 5,600 bags remain backlogged, which is considered very high, so the company decided to cancel flights to Set Zero and prevent new flights from mixing with the backlogged bags. It is also coordinating with Airports of Thailand, or AOT, to request more than 100 military personnel from the Ministry of Defence and the Royal Thai Air Force, as well as hiring two transport companies and Thailand Post, which AOT helped arrange to increase to three, to help manage the return of bags to passengers. Some passengers are being allowed to collect their bags themselves at the terminal, while others will have them delivered, with notifications to be made via the Thai Airways Facebook page. Chai said that of the more than 500 workers, divided between licensed staff and general labourers, only about 200-300 came to work today, so headquarters staff have been pulled in and absent workers called back to help, with compensation offered. He confirmed that this was not caused by a staff strike but by employees' personal circumstances, and that the problem is a frontline issue, not a policy one. This afternoon Thai Airways will set up a desk to receive damage reports and compensate passengers affected by the backlogged bags and delayed flights, possibly at a point inside Suvarnabhumi Airport's passenger terminal. Meanwhile, the cargo warehouse is heavily overfilled, so customers are being urged to collect their goods as soon as possible.
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Aerospace & Aviation › MRO & Aftermarket Services ▼Supply
THAI.BK · Supply · Negative Labour shortage from flooding left 5,600 bags backlogged and forced flight cancellations, disrupting Thai Airways' operations.