MB AEROSPACE HOLDINGS LTD APPOINTS NEW CHAIRMAN20 Dec 2007
One of Europe's most senior aerospace figures has been appointed to the position of non-executive chairman at MB Aerospace Holdings Ltd.
The appointment of John Weston, former chief executive of BAE Systems, is a major coup and signal of intent for MB Aerospace Holdings Ltd which was formed in April 2007 following the management buyout from the Motherwell Bridge Group of MB Aerospace Ltd and MB Faber Ltd.
Mr Weston held the position of chief executive at BAE Systems from 1998-2002 during which time he oversaw the transformation of British Aerospace into the new BAE Systems company and increased the group's sales from £7.5 billion to £12.5 billion.
He currently holds a series of non-executive chairmanships with various technology companies and has served as Chairman at Spirent Plc, iSoft Plc, Inbis Plc, Insensys PLC, University for Industry (Learn-Direct) and the Dublin-based Accra Controls Ltd.
Craig Gallagher, chief executive officer of MB Aerospace Holdings Ltd, said: "This is a significant appointment for the company and I'm delighted that we've been able to attract somebody of John's calibre to MB Aerospace Holdings Ltd.
"John is highly respected within the aerospace industry and his experience and expertise will play a huge role in helping us to achieve our ambitious plans for growth.
"Since completing the MBO eight months ago things are now beginning to settle down and we have been able to provide the new group of companies with renewed focus and our strategy now is to develop our service offering to complement the growing opportunities within the aerospace sector.
"Our key customers at Rolls-Royce plc, Boeing and Airbus are responding well to dealing with an aerospace-focused parent company which is backed by Lloyds TSB Development Capital, and with John now on board, we hope to build on our current position and provide our new and existing customers with a wider aerospace offering."
Commenting on his appointment Mr Weston said: "I am delighted to join a high calibre, highly motivated management team at MB Aerospace, with ambitious plans for growing the business. There are a number of exciting opportunities opening up which MB Aerospace is positioned to exploit and I look forward to working with the team to realise the potential of the business."
In June 2007, MB Aerospace Ltd secured two substantial contract extensions from Rolls-Royce plc totalling £40 million.
MB Aerospace's Motherwell site was awarded a three year extension worth £12 million to supply Rolls-Royce plc with machined ring components for use in a range of its production built aero engines.
Meanwhile, the company's Burnley site was awarded a five year extension worth £28 million to the £25 million contract it secured in 2005, to manage the supply chain for aftermarket engine ring components for gas turbine engines on mature platforms.