ITP Aero announced it has signed a binding agreement to acquire Aero Norway, a Norway-based engine maintenance provider specializing in CFM56 engines, strengthening ITP Aero’s position in the commercial aircraft aftermarket.
The transaction is expected to close in the first half of 2026, subject to customary regulatory approvals. Financial terms were not disclosed.
Aero Norway is headquartered in Stavanger, operating from an engine overhaul facility at Sola Airport. The company employs more than 200 people and provides maintenance, repair, and overhaul services for CFM56 engines used on narrowbody aircraft, including variants powering Airbus A320-family and Boeing 737 aircraft. Its customer base includes airlines, leasing companies, and asset managers worldwide.
The acquisition expands ITP Aero’s commercial engine MRO footprint and reinforces its strategy to grow aftermarket services alongside its established defense and business aviation activities. ITP Aero described the deal as a key step in its long-term growth plan aimed at becoming a leading independent player in the aerospace aftermarket.
Aero Norway brings overhaul capability across CFM56-3, -5B, and -7B variants, along with testing capacity for engines producing up to 40,000 pounds of thrust. The company has also been adding capabilities for CFM Leap engines in recent years, including hot-section inspection work for Leap-1A and Leap-1B models.
ITP Aero CEO Eva Azoulay said the agreement represents an important acquisition in the company’s growth plans.
“The signing of this binding acquisition agreement marks a significant milestone in our strategic roadmap,” Azoulay said. “This acquisition reinforces our ambition to become a leading independent player in the aerospace aftermarket. Aero Norway’s expertise and capabilities will be instrumental in delivering exceptional value to our customers as we move forward together.”
Aero Norway CEO Neil Russell said joining ITP Aero will allow the company to expand its technical capabilities and customer offering.
“By combining the complementary strengths of ITP Aero and Aero Norway, we will unlock significant synergies that enhance our competitiveness and deliver even greater value to our customers,” Russell said. “We look forward to working together to drive innovation, technical excellence, and long-term growth in the global aerospace aftermarket.”
ITP Aero is a global aerospace propulsion and engine components company headquartered in Zamudio, Vizcaya, Spain. The firm was founded in 1989 initially to manage Spain’s participation in the Eurofighter EJ200 engine program and has since grown into a major player in both commercial and defense aviation, partnering with leading original equipment manufacturers on engine design, manufacture, overhaul, and support.
The company operates more than a dozen facilities across Europe, North America, India, and Mexico and employs nearly 5,700 people worldwide. In 2024, ITP Aero reported record revenues of about $1.9 billion, driven by growth in MRO, civil, and defense segments.
The deal follows a series of aftermarket investments by ITP Aero since Bain Capital acquired the company in 2022. In 2023, ITP Aero acquired US-based BP Aero, expanding its quick-turn and shop capabilities for commercial engines. The company has also joined Pratt & Whitney’s geared turbofan MRO network and GE Aerospace’s European repair network for the CF34-10 engine.
ITP Aero said MRO currently accounts for about 10% of its annual revenue, with a target of 20% to 25% over the next five years as aftermarket demand continues to grow.
