The bespoke interior of a Boeing 737-700 business jet. Photo / Paul Estcourt
The bespoke interior of a Boeing 737-700 business jet. Photo / Paul Estcourt
Air New Zealand has sold its cabin interiors and corporate jet fitout business, saying it has "divested at the right time".
Altitude Aerospace Interiors worked on the airline's "cuddle class" seats, interiors for other airlines and faced tough competition for work in the large business jet market.
The airline hassold the fitout business to AIM Aviation, a British-based airline interiors company.
Air NZ's chief financial officer, Rob McDonald, said the airline was satisfied the transaction would provide a "strong foundation" for both companies to leverage the relationships they had with aircraft manufacturers and airline customers.
Financial details of the transaction are not being disclosed.
"With rapid growth forecast in aircraft deliveries over the coming five years and premium airlines increasingly demanding bespoke interior solutions, this is an exciting opportunity for Altitude, which will gain access to AIM Aviation's new UK-based state-of-the art manufacturing facilities," he said.
AIM Aviation is majority owned by TowerBrook Capital Partners, an international investment management firm.
Altitude Aerospace Interiors was set up in 2008 and supplies customised airline cabin interiors. It employs about 100 staff and in 2011 had revenue of less than $50 million.
The parties plan to complete the transaction by the end of this month.
