Italian operator Eurofly has indicated that a new joint maintenance venture, involving shareholder Meridiana and Spain's Iberia, will commence operations before the end of the year.
Iberia, along with Meridiana and Sardinian investment vehicle SFIRS, will invest €14 million ($20 million) over two years in the yet-to-be-named MRO operation.
"The formal constitution of the company and start of operations are envisaged during the fourth quarter of 2009," Eurofly says in its mid-year statement.
Loss-making Eurofly will not invest in the project, which is to employ 420 people and has expected sales of €44 million in 2010. The new maintenance company will service aircraft for its member carriers and third parties.