thyssenkrupp enters into new long-term agreement with ITP

thyssenKrupp Aerospace and the Spanish global operator and foremost manufacturer of aircraft engines turbines, components and associated services for the aviation sector, ITP based in Zamudio, Spain, have agreed to extend and add to their existing strategic cooperation. The aerospace experts of thyssenkrupp will extend the supply of stainless steel and nickel products to ITP locations in India and Mexico for a further two years to 2022. In addition, this arrangement will now be provided so that it includes ITP subcontractors globally.

"Both parties will benefit from the increased cooperation. Through our role as a global materials and services provider, ITP will further continue to concentrate on its own core business along the growth path already taken," commented Gary Lowe, Director thyssenkrupp Aerospace UK.

The extension to the long-term agreement was signed at this year's Paris Air show, one of the biggest and most important aviation industry fairs. "We are delighted with the collaboration and convinced that our global presence, our materials and processing capabilities as well as our expertise as supply chain specialist will continue to assist ITP in further expanding its business," said Gary Lowe following the signing of the contract in Le Bourget. 

''ITP is likewise convinced that the expansion of the agreement will not only continue to deliver benefits for ITP manufacturing locations in India and Mexico through the local solutions implemented by thyssenkrupp Aerospace, but also enable ITP subcontractors globally to take advantage of the key deliverables within this contract,'' says Javier Maurolagoitia Sarria, Supply Chain, ITP Externals.

The Paris Air Show is one of the world's largest and oldest aviation and aerospace exhibitions. At this year's, the 52nd, the newest technologies of the aerospace industry and related equipment, such as aircraft engines, satellite and navigation technology, aircraft cabins and seats will be presented. Over the years, the show has become one of the most prestigious international platforms in the industry. More than 150 aircraft are on show. 

thyssenkrupp Aerospace provides the world's leading aerospace companies with materials and supply chain management services. The multinational group operates from numerous locations in the Americas, Europe, North Africa and Asia. At home in all the world's aerospace manufacturing regions, the company's 1,600 employees aggregate demand across a single supply chain on behalf of the world's leading OEMs. At the same time, the thyssenkrupp Aerospace network supplies local services to meet the needs of aerospace subcontractors throughout the world.

About thyssenkrupp Materials Services:

With around 480 locations in over 40 countries, the Materials Services business area specializes in materials distribution, logistics and services, the provision of technical services as well as services for industrial plants and steel mills. In addition to rolled steel, stainless steel, tubes and pipes, nonferrous metals, specialty materials and plastics, Materials Services also offers services from processing and logistics to warehouse and inventory management through to supply chain and project management. 

About thyssenkrupp:
thyssenkrupp is a diversified industrial group with traditional strengths in materials and a growing share of capital goods and service businesses. Over 156,000 employees in nearly 80 countries work with passion and technological know-how to develop high-quality products and intelligent industrial processes and services for sustainable progress. Their skills and commitment are the basis of our success. In fiscal year 2015/2016 thyssenkrupp generated sales of around Euro39 billion.

Together with our customers we develop competitive solutions for current and future challenges in their respective industries. With our engineering expertise we enable our customers to gain an edge in the global market and manufacture innovative products in a cost- and resource-friendly way. Our technologies and innovations are the key to meeting diverse customer and market requirements around the world, growing on the markets of the future, and generating strong and stable earnings, cash flows and value growth.

About ITP:

ITP is currently the ninth largest aircraft engine and components company in the world by revenue. Ranking among the top one hundred companies in the aerospace industry, the company has production centres in Spain, United Kingdom, Mexico, the United States, Malta and India with over 3,500 employees.

ITP includes among its activities the design, research and development, manufacturing and casting, assembly and testing of aeronautical engines. It also provides MRO services for a wide range of engines for regional airlines, business aviation, helicopters, industrial and defence applications.

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