New TES Aviation Group jobs forecast as Japanese investPosted: June 22, 2012
Two Japanese firms have invested tens of millions of pounds in a Bridgend-based aviation company which is predicting an extra 70 jobs by 2015.
Mitsubishi Corporation has taken a 35% share of TES Holdings, the parent group of TES Aviation Group, which is based on Waterton Industrial Estate.
Another 25% has been bought by the Development Bank of Japan.
The aircraft maintenance business currently employs 127 people and has a turnover of £63m.
The shares were sold by DVB Bank SE, which retains 40% of TES Holdings.
Clients include Airbus and Martinair, part of the KLM Group.
Ashley Cooper, chief executive of TES Aviation Group, said the company predicted it would employ more than 200 people by 2015, and the turnover would increase to more than £100m.
He added: “TES has very exciting times ahead.
“We will be developing our product range and our service offerings across our global client base and expect significant growth, opportunities and exciting challenges at both our Bridgend HQ and franchise operations in Singapore and the US.”
Established in 1995, TES has grown from a turnover of £12.6m in 2007 to more than £63m in 2011.
Sourced from BBC Wales News