Magnetic Expands to the U.S.
Estonia-based Magnetic Group will establish a U.S. presence for the first time by opening a sales office in Miami for two of its divisions.
Magnetic Leasing and the company's EngineStands24 unit will set up in Florida after Magnetic Group saw a large proportion of sales revenue generated from the Americas.
It also cited U.S. involvement in Magnetic Leasing, a provider of asset management and leasing services. The company is a joint venture with U.S.-based investment fund Crestline Investors and has operated since 2017.
The Miami-based team will focus on the introduction of Magnetic Trading services in the local market, including spare parts and components solutions, a total asset management program and repair management, while providing local airlines with scheduled and AOG spare parts supply.
Meanwhile, the EngineStands24 business will eventually allow regional airlines and asset owners to lease engine stands from the Miami hub for CFM56-7B, CFM56-5A/-5B and V2500 engines. Over the course of the year, the engine types could be further expanded, Magnetic says.
Other divisions such as Magnetic Engines also plan to establish a presence in the U.S. sometime this year.
"There is a lot of potential in this market—and we already have extensive experience working with clients around the region," says Airina Kacienaite-Krake, head of Magnetic Trading.
Daiva Zemaite, head of EngineStands24, adds: "The hub in the USA improves geographic accessibility to our engine stands pool. We already offer a seamless lease process via our digital channel and having stands located in USA gives us even more flexibility and agility."
Magnetic Group has undergone changes after announcing a rebrand of its business and introducing a new company structure in October 2021.
Operating in four different divisions, these include Magnetic Maintenance, which focuses on line, base and engine maintenance; newly formed Magnetic Creative, specializing in design and manufacturing; Magnetic Assets, centered on loaning, trading and leasing of assets, which oversees the Magnetic Leasing business; and Magnetic Talents, which services engineering and training needs.