FTAI Acquires Full Ownership Of Miami-Based CFM56 MRO Provider
FTAI Aviation has acquired full ownership of Florida-based CFM56 engine specialist QuickTurn Engine Center after acquiring the 50% stake of partner Unical Aviation.
QuickTurn operated as iAeroThrust until the beginning of this year before being rebranded after FTAI’s acquisition of the business from its iAero Group parent company. QuickTurn specializes in CFM56-5B and -7B engine module maintenance along with testing services from its facility in Miami.
According to U.S.-headquartered FTAI, which also has a CFM56 focus, the full acquisition of QuickTurn will enable it to have integration over the development and delivery of its Module Factory center, a partnership with Lockheed Martin in Montreal which builds and supplies engine modules.
“QuickTurn’s commitment to delivering industry-leading turnaround times aligns seamlessly with FTAI's engine module maintenance strategy and further strengthens FTAI’s ability to produce, service and test CFM56-5B and -7B engines,” FTAI said in a statement released Dec. 1. The company notes increased demand on module repair services for both variants of the narrowbody engine.
“We are excited to support FTAI’s growing pipeline of CFM56 engine maintenance with our additional capacity,” adds Chris Nagle, vice president of commercial and business development at QuickTurn. “With the significant growth of module maintenance this year, we expect to become an industry leader in performing module swaps and light engine repairs.”
At full capacity, QuickTurn supports around 150 light shop visits and 300 engine tests annually.
Aviation Week’s Commercial Fleet & MRO Forecast data projects strong demand for the -5B and -7B engine types over the next 10 years. From 2024-33, total MRO demand is anticipated at $251 billion for all CFM56 variants, with the -5B and -7B accounting for the majority of spending.