German engine manufacturer Thielert is pushing ahead with plans for engine development and expansion into the US market after a successful initial public offering.

The company has raised E142 million ($166 million), of which E62 million is being invested in plans for expansion in the US market and development work on its range of general aviation engines. Thielert is not releasing further details of its US plans, but says it is an important area as “the largest market for general aviation aircraft”.

Thielert is also working on upgrading its Centurion 4.0 engine to increase its power output from 310hp to 350hp (230kW to 260kW) and plans to put the new version on the market in 2006. Other upgrade plans are in the pipeline, it adds. “We want to have a complete range of power for our general aviation piston engines.”

The remainder of the capital raised by the IPO is being used to buy out former shareholders, says the company. Thielert now has 53% free float consisting of about 10.54 million shares.

The company posted consolidated net sales of E24.2 million in 2004, compared with E15 million in 2003, and earnings before interest, tax, depreciation and amortisation of E11.3 million compared with E9.9 million in 2003.

Source: Flight International