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Investments over the next five years will surpass 550 million

ITP will double its sales to reach 1000 million euros by 2015

The ITP Strategic Plan 2011-2015, recently approved by the Board of Directors and presented by the company's Director General, Ignacio Mataix, sets forth objectives of growth and participation in engine design, manufacture and support which will enable ITP to double its sales to 1000 million by 2015, with investments totalling more than 500 million euros over the next five years.

the next five years.During that time, ITP's strategic goals will focus on supplying turbines for programmes already in production, on taking part in new platforms with a wider range of customers and on boosting the company's presence in the support area for these products. The achievement of these goals will mean reaching sales figures of close to 1000 million euros, doubling the current figure. From 2011 to 2015, the company will consolidate its position among the top ten aeronautic engine companies worldwide.

In the words of the company's Director General: "ITP has a vision of itself as a global company, a leader in the market for aeronautic and industrial engines due to its technology and its respect for the environment throughout the entire product life cycle. We are committed to excellence in management and we build up a strong bond with our customers in an attempt to bring value to the company and to its interest groups".


Ignacio Mataix continued, "Investments will total more than 500 million euros, of which 350 million will be set aside for R&D+i on technology and products while the remainder is intended to expand the company's industrial capacities".

ITP will maintain its backing for technology as the basis of its business and its market expansion. With this in mind, the company will continue its work on the priority development of turbine technology, where it leads the market, and also expects to develop technology in new engine areas that will ensure access to new markets and customers. "What we have," says Ignacio Mataix, "is a stake in and a commitment to Quality and the Environment as a foundation stone to ensure growth and value generation in the long term".

The Aeronautical Context

The climate within the aeronautics industry over the last few years has been marked by the impact of the crisis in air traffic and the negative results announced by the airlines, by cuts to defence budgets and delays and difficulties in new aircraft models. For ITP, this has meant that sales in Civil business over the last few years have grown more slowly than expected while those in Defence stabilised and those in Maintenance fell. The final result is a moderate decrease in total sales.

The aeronautics industry currently finds itself in a scenario of heightened competition due to a fall in average income per passenger and to increases in operating costs. This in turn has led to greater pressure on equipment manufacturers like ITP. The engine manufacturers, who are ITP's main customers, have opted to increase their spending in low-cost countries, to base their operations in cheaper areas and to rationalise their supply chains. Against this backdrop, ITP is sticking with its strategy of boosting competitiveness, optimising current industrial capacity, especially in low cost countries, and running a more competitive supply chain.

The strategy will continue to focus on the manufacture of more complex products built with in-house technology, with greater added value and with modules integrated to offer better value to the customer.

Areas of Activity

ITP organises its business into two market segments: first, the design, manufacture, assembly and testing of new equipment for aeronautic engines and second, the maintenance and in-service support of aeronautic engines. ITP currently has a stake in 17 engines, both civil and military, with growing levels of responsibility and complexity.

With the entry into service of the A380, the B787 and the A350XWB, ITP will consolidate its position of leadership in transatlantic aircraft engines (twin aisle), where in the long term it expects to achieve a market share of 50%. In the single aisle commercial aviation, regional and business aviation segments, very dynamic markets where ITP currently plays only a small part, the strategy is one of growth with diversification of both customer base and product.

In the area of designing and manufacturing new equipment, it should be noted that with the entry into service of the whole of Rolls-Royce's portfolio of Trent engines, production volume will quadruple during the period of the Strategic Plan.

In order to face this challenge, a global manufacturing plan has been drawn up. It aims, among other things, to improve manufacturing efficiency at the Zamudio and Lincoln centres and to develop the Querétaro centre (ITR-Mexico) to achieve lower costs and reduce exposure to dollar exchange rates. ITP has recently acquired 100% of the shares of ITR and sold its 49% stake in engine maintenance firm Safran America Engine Services. This will allow the Group to develop its manufacturing and engineering capacities in Mexico as a lower cost country.

As well as this, a Supply Plan is under development which aims to reduce unit cost and sustain competitiveness for new equipment in 2015 by rationalising the number of suppliers, increasing dollar purchases and guaranteeing the quality of deliveries.

In the In-Service Support Area, ITP will continue to focus on providing service to the engines of the Spanish Defence Ministry and on expanding its offer of services with greater added value. At the same time, it will increase its activity and market share in the maintenance of helicopter engines and business aviation.

Positioning in 2015

The Aeronautics Industry still has firm foundations for the long term. The demand in air traffic and the need for new aircraft is expected to grow at an annual rate of about 5% over the next 5 years, in line with growth in the economy as a whole. With its young engine portfolio, ITP will enjoy more significant growth, backed up by investment in in-house technology and increased production capacity while also maintaining current standards of leadership in production efficiency and competitiveness.

In the Civil Area, ITP will carry on with its strategy of strengthening its relationship with Rolls-Royce in twin-aisle aircraft engines. As for single aisle, business and regional aircraft engines, the strategy here consists of reinforcing the company's position and ensuring its participation in new engines.

In the Defence Area, with current budget restrictions worldwide, the aims are to maintain the company's position of reference in Spain in the European programmes and to boost export campaigns for existing programmes.

Outlook for 2011

Moderate growth is expected in 2011 in comparison with the previous year, with planned investments of 70 million euros. Of that figure, half corresponds to material investments while the rest will go on Research & Development for programmes that are underway.

Note to the editor

ITP Aero is currently the ninth largest aircraft engine and components company in the world by revenue. Ranking among the top one hundred companies in the aerospace industry (Top 100 Aerospace Companies, PwC and Flight International). The company employs over 3,500 people at its production centres in Spain, United Kingdom, Mexico, the United States, Malta and India.

ITP Aero includes among its activities the design, research and development, manufacturing and casting, assembly and testing of aeronautical modules and engines. It also provides MRO services for a wide range of engines for regional airlines, business aviation, helicopters, industrial and defense applications. ITP Aero operates as a corporate entity within the Rolls-Royce group.

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