Deal is now complete for takeover of Vector

BOUGHT The Vector site in Fleetlands, Gosport
BOUGHT The Vector site in Fleetlands, Gosport

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THE Vector Aerospace base at Fleetlands in Gosport is now part of the EADS group, following a £407.8m takeover.

Eurocopter Holding, which is a subsidiary of the EADS group, has acquired 98.32 per cent of Vector Aerospace, a multinational company which has its headquarters in Canada.

EADS also controls Astrium, based in Portsmouth.

Vector Aerospace provides services to commercial and military customers for gas turbine engines, components and helicopter airframes.

In a statement, EADS said it hoped the acquisition would strengthen its presence in the UK and North America, as well as growing its support and services activities in both the civil and governmental markets.

Eurocopter chief executive officer Lutz Bertling said: ‘The acquisition of Vector marks an important step to position Eurocopter as a more significant global player in the aviation support and services industry.

‘While Vector will continue to operate as an autonomous company, keeping its successful brand name, the complementary nature of our respective worldwide networks will enable us to develop our activities, both faster and more efficiently — for the benefit of our customers.’

And Declan O’Shea, who remains as chief executive officer for Vector Aerospace, welcomed the deal, adding: ‘Becoming part of Eurocopter and the EADS Group is perhaps the single most important event in our company’s history as it elevates us into a different echelon of aviation maintenance, repair and overhaul providers.

‘Through the association with EADS and Eurocopter we can access additional markets for our maintenance, repair and overhaul services thanks to being part of one of the world’s most successful aerospace companies.’

Eurocopter plans to acquire the remaining shares in a compulsory acquisition under corporate law.