All Shares and Employees Transferred to New Owner
General Atomics Europe assumed responsibility for the activities of the former RUAG Aerospace Services GmbH in Oberpfaffenhofen, Germany, on 1 March, RUAG International stated.
All company shares have now been transferred to GA-Europe and the transaction contractually completed. Some 420 employees have been transferred, while 800 at the same site – employed by RUAG’s aerostructures business – will be unaffected by the change.
The sale, agreed in late September, is in line with the Swiss Federal Council’s decision in March 2019, authorising the unbundling and realignment of RUAG International. The two parties have agreed not to disclose the contractual terms.
“With this acquisition, GA-Europe is sustainably strengthening its market positioning in the aviation business. We have developed a strategic concept for the future that will open up new growth and value creation prospects for the Oberpfaffenhofen site, far beyond the existing business areas, despite the current economic crisis,” stated Harald Robl, Managing Director for General Atomics Europe.