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ITP Aero has signed a binding agreement to acquire CFM56 engine repair specialist Aero Norway with the deal expected to be finalized in the first half of 2026 subject to approvals.
Bilbao-based ITP confirmed the signing of terms on Dec. 16 to take ownership of Aero Norway, which operates from Stavanger close to Sola Airport and employs around 200 people.
Serving a customer base that includes airlines, lessors, and asset managers, Aero Norway holds full capability for CFM56-3, -5B and -7B variants with testing capacity up to 40,000 lb. of thrust. In the past few years, it has started bringing some capabilities such as hot section inspections online for Leap-1A and -1B engines. No transaction fee was disclosed in the announcement of the deal.
“By combining the complementary strengths of ITP Aero and Aero Norway, we will unlock significant synergies that enhance our competitiveness and deliver even greater value to our customers,” says Neil Russell, CEO of Aero Norway, who adds that both parties will target driving “innovation, technical excellence, and long-term growth in the global aerospace aftermarket.”
The acquisition further advances ITP Aero’s commercial aftermarket ambitions. The company has established capability in defense and business aviation engine maintenance but has started building up its commercial engine MRO capabilities as it looks to become a long-term player in that market segment.
“The signing of this binding acquisition agreement marks a significant milestone in our strategic roadmap,” says Eva Azoulay, CEO of ITP Aero Group. “This acquisition reinforces our ambition to become a leading independent player in the aerospace aftermarket. Aero Norway’s expertise and capabilities will be instrumental in delivering exceptional value to our customers as we move forward together.”
Early in 2024, it acquired Irving, Texas-based engine MRO BP Aero, a move bringing online hospital shop and quick-turn repair capabilities for multiple commercial engine types.
In June 2025, ITP Aero was added to the engine repair network for Pratt & Whitney’s geared turbofan (GTF) engine. The company gained approval to repair PW1500G engines for Airbus A220-family aircraft and the PW1900G for Embraer E2-family aircraft with MRO services and test capability. Inductions are expected to begin in 2027, with an expected peak of 120+ engines annually by 2033 after ramp ups.
In October, ITP Aero announced it had joined GE Aerospace’s European repair service network for the CF34-10 engine, which powers Embraer’s 190 and 195 aircraft.
Overall, MRO currently accounts for around 10% of ITP Aero’s annual revenues, and the company hopes aftermarket activity will account for 20%-25% of total revenues over the next five years as it targets a bigger aftermarket footprint.
The former Rolls-Royce subsidiary was spun off by the British engine manufacturer after being sold for €1.6 billion ($1.9 billion) to a group of investors led by Bain Capital in a deal finalized in late 2022.
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