MyTravel and FLS Aerospace form Maintenance Joint Venture

MyTravel Airways and FLS Aerospace have today signed an agreement that sees both companies entering into a new maintenance joint venture - MyTravel Aircraft Engineering Ltd. FLS Aerospace will hold a 50% ownership in this new venture, which began operations on 1st July 2002 and which will support My Travel Airways through the provision of light, line and technical services from FLS Aerospace's Manchester facility. This will include 'A' checks for A320, A321, A330, B757 and DC10 aircraft and '1C' level checks for A320 and A321 aircraft.

My Travel Aircraft Engineering Ltd has been set up to meet the needs of MyTravel Airways through the provision of dedicated resources ensuring high standards of service and performance. In addition to his current role, Mike Lee, CEO MyTravel Aviation will assume the role of Chairman, MyTravel Aircraft Engineering and John Troman, Group VP, Manchester & Scandinavia, FLS Aerospace will become Managing Director, MyTravel Aircraft Engineering.

My Travel Aircraft Engineering will employ a total of 228 people. Last November, FLS Aerospace announced that 620 jobs at the Manchester facility were at risk. This new venture sees 200 FLS Aerospace staff employed in the new company and another 140 being retained by FLS Aerospace to run a single 'C' check line which will focus on MyTravel Airways A320 heavy maintenance and Fedex A310 'B' and 'C' checks. In effect, 340 of the 620 FLS Aerospace jobs put at risk in November have been saved.

The agreement does not affect the most recently announced 2002 earnings forecast for FLS Industries.

FLS Industries A/S
Corporate Public Relations