Aer Lingus Group plc and FLS Aerospace Holding A/S announced today, 14th December 1998, that they have signed the final contracts concluding the sale of TEAM to FLS. The sale takes immediate effect, and from today TEAM will trade as TEAM FLS Aerospace. While details of the deal remain confidential to the parties both Aer Lingus and FLS said they were satisfied with the outcome and predict a positive future for the company.

Commenting on the conclusion of the sale, Aer Lingus Group Chief Executive, Garry Cullen said: “The completion of the sale of TEAM to FLS is a very positive development for TEAM and its workforce. TEAM is now part of a global industrial group with an international reputation and a long term commitment to be a major player in the aircraft maintenance industry. In today’s intensely competitive business environment this is the best way of securing the future of TEAM and its workforce. I wish them well and, as a major customer of the new company, I look forward to a positive commercial relationship with TEAM FLS Aerospace.”

Announcing the completion of the sale, Steffen Harpoth said:
“We welcome TEAM FLS Aerospace into the FLS Aerospace Holding Group, to work in partnership with our other companies across Europe to continue the expansion of one of the world’s leading Prime Maintenance Organisations (PMO). We look forward to continuing to provide quality services to all TEAM FLS Aerospace’s customers, including Aer Lingus, with whom a long-term full-support maintenance contract has been signed.”

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