As part of efforts to restructure its business in the wake of COVID-19, SR Technics has confirmed the management buyout of its Armac Systems subsidiary.
The business, headquartered in Drogheda, Ireland, specializes in inventory planning and optimization software and will relaunch as a separate entity. Micheál Armstrong and Mark Stacey, the heads of Armac Systems, will continue to oversee the day-to-day running of the business.
The Swiss MRO bought the company in August 2014 and aided the development of its RIOsy software in conjunction with its component services unit.
However, after announcing plans to wind down its integrated component services, it says there is no longer a critical need for the services that Armac Systems provides to be retained as an in-house capability.
Going forward, Armac Systems says the RIOsy offering forms a core component of the supply chain digital transformation, complimenting new digital technologies including predictive analytics and blockchain.
In July 2020, SR Technics confirmed that it would change its focus to specialize in engine MRO and line maintenance services as part of restructuring plans across the company which saw it acquire CHF120 million ($132.3 million) in additional credit from its existing consortium of banks with a 60% surety by the Swiss state.
It also announced plans to phase out design engineering services by the end of 2020, along with a restructure of flight-hour based component services activities. However, its transactional component business will remain, with a stronger focus on component repairs and trading activities.
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