The Director General in charge of Acquisitions for the Spanish Armed Forces, Álvaro Juan Pino Salas, and Ignacio Mataix Entero, the CEO of ITP, today formalised a Framework Agreement in the presence of the Lieutenant General of the Logistical Support Command (MALOG), José María Orea Malo. Under the terms of this agreement, the company will be responsible for the inorganic maintenance of in service engines in the different air and naval fleets of Spain's Sea, Air and Land-Based Armed Forces.

Operating income reached 63 million euros, a 10% increase compared to the previous year, with 8.9% profitability on sales. Such increase was due fundamentally to better performance of a number of programs, both product and management cost containment initiatives and higher In Service Support sales.

As part of this Strategic Plan, significant growth is expected in the casting business, which will require considerable investments within the context of an industrial plan that includes both the PCB plant located in Barakaldo and the future PCB plant in Sestao, the inauguration of which is planned for the first half of 2017.

ITP continues to expand and improve its range of services and to adapt to the particular needs of each of its customers operating in the commercial, industrial and defense markets worldwide. The company meets the most stringent environmental and quality, health and safety requirements, with all major licences from OEMs (Original Equipment Manufacturer), FAA (Federal Aviation Administration), EASA (European Aviation Safety Agency) and other major civil authorities.

ITP Externals India is a plant dedicated exclusively to the production of raccords or 'end-fittings' for subsequent welding onto rigid tubes for aircraft engines.

The formalisation of the agreement began with the Order to Proceed from the Secretary of State for Defence on 18 August 2015 and was approved by the Council of Ministers in its meeting on 9 October the same year.

The purpose of the event is to showcase the latest technological, operational and strategic developments that are under way in the aero engine MRO (Maintenance, Repair and Overhaul) sector.