Press release | No: 44/2016 | Date: 27/09/2016
Aerospace Industrial Maintenance Norway (AIM Norway) was today established as a state-owned limited company. The company will be better suited for commercial activities in the intentional defence market by opening up for a broader ownership structure in AIM Norway. The Ministry of Defence is now seeking strategic partners that can contribute to the companies’ value creation and competitiveness, and open up for synergies with other relevant defence industry.
Conversion to a limited company
AIM Norway was founded as a state-owned enterprise in 2011, 100 percent owned by the state through the Ministry of Defence. AIM Norway provides maintenance, repair, overhaul (MRO) and modification services on aircrafts, helicopters, components and field equipment to the Norwegian Armed Forces and other customers. The Norwegian Parliament decided in June 2016 to convert the state-owned enterprise to a limited company, and the Government were given a mandate to reduce the state ownership in AIM Norway.
-The conversion to a limited company is another significant milestone for AIM Norway. The company has since it was founded in 2011 become a competitive supplier in the defence industry. AIM Norway has now been given a better framework for taking further steps in the defence industry through the opportunity to seek private capital and competence. The ownership structure can be adapted to what is the best for the company in the long term, says the Defence Minister Ine Eriksen Søreide.
The conversion has been conducted in accordance to the act of “Lov om omdanning av Aerospace Industrial Maintenance Norway SF til aksjeselskap”. The purpose of the limited company is still to provide MRO and upgrade services, primarily on military aircrafts and associated business. Important business areas is sustainment on the new fighter aircraft F-35 and Norway’s new search and rescue helicopters.
The Norwegian Parliament has given the Government a mandate to reduce the ownership of AIM Norway through sale of stocks or other transactions. The state will have an ownership of shares of minimum 50 percent.
-AIM Norway is increasingly faced with tough international competition in business areas that demands strong investments. The Ministry of Defence as owner of AIM Norway therefore see it as necessary to seek strategic partners that can further develop the company’s value creation and improved competitiveness, but also contribute to AIM Norway’s ability to take strong investments on future important business projects. We are actively working on fulfilling the mandate given from the Parliament to find strategic partners best suited for both the company and the owner, finishes the Minister of Defence.