2023-08-24 20:56:20
In partnership with the American manufacturer Boeing, the number 1 air transport in Africa “Ethiopian Airlines”, wants to start manufacturing aerospace parts.
Ethiopian Airlines has signed an agreement with Boeing to start manufacturing aircraft parts on the African continent.
This manufacturing plant construction project was initially valued at $15 million. For its outcome, the two partners will create a joint venture with other local players, in particular the Corporation for the Development of Industrial Parks and the Ethiopian Investment Commission.
“The company will manufacture aerospace parts, including thermal-acoustic insulation blankets for aircraft, electrical wiring harnesses and other parts”Ethiopian Investments Commission said on X, (formerly known as Twitter.)
The planned new structure will be built on a four-hectare site in the Kilinto Industrial Park in Addis Ababa.
Ethiopian Airlines also plans to satisfy African airlines whose supplies have been disrupted in recent years by the effects of Covid-19 and more recently with the outbreak of the Russia-Ukraine war.
According to the Ethiopian Investment Commission, the facility is expected to create about 300 jobs, while solving spare parts supply problems for Ethiopian Airlines, whose fleet now numbers more than 140 aircraft.
With a net profit of 937 million dollars at the end of the 2021-2022 financial year, it must be recognized that Ethiopian Airlines stands out for its profitability. Last June, the company said its profits rose by a fifth to $6.1 billion in its last fiscal year.
Remember that Ethiopian Airlines is a 100% Ethiopian company. Its capital is wholly owned by Ethiopian Investment Holdings (EIH) which represents Ethiopia’s long-term business and investment interests. It is also considered Africa’s largest sovereign wealth fund with over $150 billion in assets under management.
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