ITP Aero’s Board Appoints Eva Azoulay as Group CEO

Today, the Board of Directors of ITP Aero unanimously appointed Eva Azoulay as new Group CEO and Board member, and she participated in her first board meeting of the Spanish Company.

The ITP Aero Board of Directors also appointed Carlos Alzola as Managing Director responsible for the areas of Operations, Engineering and Defense. This is following the earlier appointment of the Chief Financial Officer Javier Lázaro as a Board member, thus reinforcing the Spanish weight in the management of the Company.

These appointments come at a time when ITP is continuing on its trajectory of strong growth and investments in innovation and is working towards the completion of the acquisition of BP Aero, the US-based MRO company. This acquisition is an important first-step in ITP’s US expansion and in the development of its engine aftermarket capabilities, and it is expected to close by year-end, after obtaining the applicable regulatory approvals.

Juan María Nin, Chairman at ITP Aero, said: “We are delighted to embark on a new and promising international expansion phase with world-class products and a new talented executive team. I would like to welcome Eva Azoulay, whose experience reinforces our growth strategy for the US, which has already borne fruits with our recent investment in BP Aero. We are well positioned to leverage opportunities in thriving markets and to continually develop global sought-after new products.”

Eva Azoulay, Group CEO of ITP Aero, said: “I am delighted and proud to join ITP Aero and this best-in-class team. Together, I am confident we will continue to build and grow ITP Aero’s capabilities, product and service offerings and global positioning in support of our commercial and defense customers. ITP has a strong foundation of excellence, integrity, innovation and an unwavering commitment to our employees and our Basque roots and we look forward to working hand in hand with government to enable the growth of the local industry as ITP Aero grows”.

Carlos Alzola, Managing Director of ITP Aero, said: “The talent of our team is key to the development of cutting-edge products and solutions that fulfill the needs of our global customers in a rapidly evolving market. In this period of growth, this strength will help consolidate ITP Aero in a global competitive environment where our company excels in innovation and flexibility.”

ITP Aero: A Global Aerospace & Defence Leader

Since Bain Capital’s acquisition in 2022, ITP Aero has grown significantly. The recovery of international air traffic after the pandemic, as well as strong demand across the commercial and defence platforms ITP serves, have contributed to the growth of the business.

Since acquisition, the Company has identified an ambitious plan of initiatives to grow through international expansion, organically and inorganically, and invest in research and development and operational excellence.

Over the last year, there has been a strong commitment to Research & Development with significant investments in Spain, including a more than 20 million euros investment in a new Technology Center in Zamudio, more than 10 million euros investment to expand the PCB facilities, as well as investments of more than 25 million euros in R&D in 2022.

The growth of the business since Bain Capital’s entry into ITP Aero is accompanied by a significant increase in employees, with more than 500 new jobs to be created by the end of 2023.