Itochu Corporation will invest in IAG Engine Tech (IET). An agreement has been signed between Iberia and Itochu Corporation.
IET was established this year within International Airlines Group (IAG) as a company specializing in aircraft engine maintenance. Itochu’s investment is expected to be completed in early 2027, subject to the necessary regulatory approvals and consents.
Marco Sansavini, Chairman and Chief Executive Officer (CEO) of Iberia, commented, “This transaction is part of the transformation of our maintenance business and our long-term vision, ‘Flight Plan 2030.’ With Itochu’s participation, we welcome a partner with experience, investment capacity, and a strong international presence.”
Based on the operations of Iberia Maintenance, which has more than 50 years of experience in engine maintenance, IET will begin maintenance operations in Madrid in early 2027. In addition to the V2500, CFM56, and PW1100G-JM (GTF) engine families, it will also provide maintenance for LEAP engines under CFM’s LEAP Premier MRO license, announced in April this year. This will make it one of eight MRO providers worldwide authorized to maintain these engines. LEAP engines are expected to account for around 70% of the single-aisle aircraft market by 2035.
Itochu Corporation has approximately 90 offices in 60 countries. In the aviation sector, it operates aircraft leasing and aircraft and engine aftermarket businesses. It already has business relationships with Iberia and IAG through its aircraft leasing business.
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