Following a company restructure and increased sales, Lufthansa Technik returned to profitability in 2021. Last year, the German conglomerate’s maintenance division made a profit of €210 million ($230 million), reversing a nearly double-digit loss in 2020. Following a successful year, the company intends to hire 1,500 workers globally to expand its workforce once more.
Lufthansa Technik revealed a significant improvement in its finances in its financial statement for 2021 (January–December). Last year, revenue increased by almost 6.8% to €4 billion ($4.39 billion) as more aircraft came into service due to increased traffic. These findings were also aided by German government assistance in the form of work allowances.
This increase helped Lufthansa’s maintenance and overhaul division return to profitability, with earnings before interest and taxes of €210 million ($230 million). LH Technik recruited an outstanding 42 new clients last year, including startup airlines, generating an estimated €4.7 billion ($5.16 billion) in future revenue.
However, the company’s journey is not without bumps. Airlines are hesitant to send aircraft in for costly overhauls or engine restoration projects due to massive losses, resulting in a 42 percent drop in revenue in 2019.It will take some time for revenue to return to pre-pandemic levels, but when airlines reactivate most, if not all, of their aircraft, the succeeding years should see significant gains.
In a statement, Dr. Johannes Bussmann, Chairman of the Executive Board of Lufthansa Technik, said in a statement, “2021 was another tough year that demanded everything from all of us. We have rigorously reorganized and restructured painfully, but today Lufthansa Technik is better, more efficient and more powerful than before the crisis…The necessary measures, some of which were really tough, have deeply affected the core of Lufthansa Technik’s identity. Nevertheless, I am relieved that we were able to spare our workforce the worst effects.”
As demand picks up, LH Technik is looking to fill 1,500 additional employees across its locations. There will be approximately 700 full-time jobs in Germany, 600 in the Americas, and 200 in Asia-Pacific. Because of the epidemic, the workforce will grow from 20,500 to around 22,000 people by 2020, with an anticipated 1,850 new jobs. The hiring, on the other hand, indicates that the worst is past for the corporation as it claws its way back to health.
The organization is primarily searching for employees with experience in aviation components, engines, and logistics, as well as administrative positions such as sales and information technology. Further information regarding entry-level opportunities will be available in the coming weeks as part of a recruitment drive.
In addition to providing maintenance services to Lufthansa Group airlines and other carriers across the world, the company is involved in a number of high-profile projects. Last year, LH Technik completed the restoration of two Airbus A350s and two Airbus A321LRs for the German Air Force One. For the time being, it will concentrate on attracting new customers and offering high-quality services to existing international clients.
