Spanish business aviation group Gestair (Stand 450) and the country’s flag carrier Iberia have joined in a 50-50 joint venture to create Corjet Maintenance. Corjet specializes in maintenance of business jets, as well as providing logistics and parts support.
Spain’s business aviation sector has changed substantially over the last few years with the established operators maintaining their businesses and start-up companies making an impact on a fast-growing market. But they have not been spared by the ongoing financial crisis that has seen an annual 30 percent fall in the number of hours flown.
In the not-too-distant past, Spain’s business aviation sector consisted of one major operator, Gestair, and a sprinkling of smaller companies each operating barely a handful of aircraft. In the last two years the picture has changed dramatically, with the established companies maintaining their prominence and new companies making an impact on the scene despite the financial crisis.
Gestair Private Aviation has announced a $115 million investment over the next four years to further expand its 30-aircraft fleet. The Spanish-based company is also planning a new main- tenance hangar. Also anticipated is FBO network expansion and company acquisitions abroad.
Business aviation in Spain is a modest affair, with an estimated 70 executive jets for private use– very few for a country of 40 million people. While most charter companies operate just a handful of aircraft, Gestair, one of the largest operators in Europe, increasingly dominates the business aviation scene in Spain.