‘The company was set up in a partnership between Qantas and Lufthansa in 2008 to overhaul engines, with a view to securing work from other Asian Pacific airlines.’
The joint venture, called LTQ Engineering, is set to lose $37 million over the next six years due to a slump in maintenance contracts.
‘”Considering the strong decline in demand and the company’s business and outlook, LTQ is not financially viable,” the statement said.
LTQ Engineering is the last major aircraft engine facility in Australia and has operated at Tullamarine since 2004.
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