Avion Aircraft Trading takes control of Lithuanian carrier NSA

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Icelandic firm Avion Aircraft Trading has struck a deal to acquire a majority stake in Lithuanian Saab 340 operator Nordic Solutions Air Services (NSA).

Vilnius-headquartered NSA was established as the air freight division of Swedish logistics support company Nordic Solutions in 2005, operating three Saab 340 freighters.

Reykjavik-headquartered Avion Aircraft Trading says NSA’s joint venture with Nordic Solutions came to a halt in July 2007, paving the way for the airline to take on new shareholders and review its strategic direction.

Avion Aircraft Trading says it has reached an agreement to purchase a controlling stake in NSA, changing the firm’s trading name to UAB Avion Express (AvEx).

It adds: “Avion Aircraft Trading looks to this project with enthusiasm and views it as an important diversification from its core business of aircraft trading and leasing.

“Strategic [motivations] were the extensive airline management background of key personnel, and investment strength will enable us to build a strong regional feeder and aircraft, crew, maintenance and insurance [ACMI lease] airline.”

NSA operates three passenger Saab 340s on behalf of Air Aland, says Avion Aircraft Trading. It is also planning to re-introduce three Saab 340 freighters, with the last due to enter service in April.