International Aerospace Coatings (IAC) is making a significant foreign direct investment in Malta by setting up a world-class aircraft design and painting facility at Safi Aviation Park, the Economy Ministry said in a statement.
The agreement ensures that all 58 employees previously working with Aviation Cosmetics will retain their jobs and be transferred to the new operator, the statement said.
The workforce is expected to grow from 58 to around 90 employees over the next three years, creating additional jobs in the aviation sector, it said.
“We promised to stand by these workers, and today we are delivering on that promise,” Economy Minister Silvio Schembri said.
Schembri said that government ensured that all their pending salaries were paid, and their jobs secured with the new investment.
“The fact that a major international company like IAC is expanding its operations here, upgrading this facility to world-class standards, and growing the workforce from 58 to 90 new jobs over the next three years shows real trust in our economy,” Schembri said.
All outstanding salaries owed to the workers have already been paid in full, providing immediate financial relief and stability.
The transition is backed by a long-term lease, which secures ongoing operations and employment continuity, the statement said.
“We have managed to pay the workers’ pending wages, while also attracting a company that will guarantee them not just a steady income, but strong careers,” General Secretary of the General Workers’ Union Josef Bugeja said.
The Ministry described the investment as a successful intervention that both safeguards workers and attracts high-value foreign investment in line with Malta Vision 2050.
It said that Malta’s strategic location is highlighted as a key factor in attracting international aviation companies and strengthening its position as a regional hub.
“Establishing our presence in Malta is a significant milestone for our global expansion. Malta’s strategic location allows us to offer an even more convenient hub, further strengthening our long partnerships with our customers,” Group CEO of IAC Martin O Connell said
International Aerospace Coatings, founded in 1980, is a global leader in aircraft painting and aviation services with European headquarters in Shannon, Ireland, and US headquarters in Irvine, California. Operating 10 state-of-the-art facilities across the USA and Europe, the group processes over 800 paint events and 800 aviation services projects annually. The company works across all segments of the aviation industry.