Aviation services provider International Aerospace Coatings (IAC) will establish a presence in Malta after assuming control of a facility previously operated by a defunct paint specialist.
IAC has signed a long-term lease on a hangar located at Safti Aviation Park in Malta, previously operated by Aviation Cosmetics, which financially collapsed earlier this year following a court-issued freezing order due to unpaid rent dating back two years.
The announcement was made at a press conference on April 1 by Malta’s Economy Minister Silvio Schembri, who confirmed outstanding wages owed to workers by Aviation Cosmetics had been paid in full.
The widebody hangar can accommodate all aircraft up to and including the Airbus A380. IAC said that the narrowbody hangar will form an important part of its infrastructure and further strengthen the company’s ability to serve both new and existing customers.
As part of the agreement, all 58 staff who previously worked at Aviation Cosmetics will be transferred to the IAC operation. In the long term, the company plans to upgrade the facility and also grow the workforce by around 90 people over the next three years.
“We see Malta as a strategically important location and this expansion will help address our needs for additional capacity,” Martin O’Connell, CEO of IAC, said in a statement April 1.
Headquartered in both Irvine, California, and Shannon, Ireland, IAC plans to grow its global network from 19 facilities to 25 in the coming months, with expansion plans ongoing at Fort Worth in the U.S. and Teruel in Spain.
At the end of 2022, IAC, along with Eirtech Aviation Services, was acquired by New York City-headquartered Tiger Infrastructure Partners, which focuses on middle-market businesses.
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