Lufthansa Technik, the aircraft-services provider of Deutsche Lufthansa, is embarking on a new growth program as it anticipates a long-term surge in demand for plane-engine repair and overhaul services.
With a goal to achieve revenue of over 6 billion euros ($6.58 billion), Lufthansa Technik aims to surpass its pre-pandemic figures and make 2023 its second consecutive record-breaking year.
In 2022, the company generated 5.6 billion euros in revenue, showcasing its resilience during challenging times.
The growing demand can be attributed to the combination of an aging fleet of engines and the higher maintenance requirements of newer plane engines, according to Deutsche Lufthansa.
To support its expansion plans, Lufthansa Technik's 2030 growth program focuses on investing in its core business, expanding its presence both domestically and internationally, and exploring potential acquisitions.
The company specifically intends to strengthen its operations in the United States, particularly in the field of aircraft components. Additionally, it seeks to enhance its collaboration with Germany's military by providing technical support and outfitting military aircraft.
To accommodate the anticipated increase in demand, Lufthansa Technik aims to establish a new facility in Europe.
Both Lufthansa Group and Lufthansa Technik firmly believe that they possess the necessary resources to execute this ambitious program independently. As a result, there are no plans to seek additional stakeholders for Lufthansa Technik, clarified Lufthansa.