The owner of the former TEAM Aer Lingus business at Dublin airport is believed to be in advanced discussions to sell the company to a US multinational, United Technologies.
It is thought that FLS Industries, the Danish group that acquired the troubled aircraft maintenance company in 1998, could conclude a deal within days.
The value of the proposed sale of FLS Aerospace is not known.
The company employs 1,800 people in Dublin. It also has operations in Copenhagen and at Gatwick, Stansted and Manchester airports in Britain, which are considered likely to be sold to United Technologies.
FLS Aerospace's spokeswoman would not comment yesterday. Neither would a spokesman for United Technologies comment when contacted in Connecticut.
The United Technologies group is very large. It employs 158,800 people, 79,545 of them outside the US.
Its plans for the FLS business are not clear, though the group has significant resources at its disposal. Revenues last year were $26.6 billion (€29 billion), some $2.85 billion of which were from US government contracts.
With assets worth $25.36 billion, its net profit in 2000 was $1.81 billion.
Earlier this year, the president of FLS Aerospace, Mr Stephen Henderson, indicated that its parent would sell the company if a suitable bid emerged.
He said the group's key problem was "under-performance" and said outside investment was needed to secure the group's future growth.
Sources at FLS's Dublin operation identified United Technologies in March as one of two companies that expressed interest in acquiring the maintenance business.
The other is thought to have abandoned discussions some months ago. In the past number of weeks, informed figures have described United Technologies as a "warm favourite".
The process of selling FLS is now thought to be nearing completion.
One analysis suggests the Danish group will disclose the sale with half-year accounts expected to be published next Tuesday.
It is thought that the group, whose major interests are in the cement industry, is keen to exit aircraft maintenance business altogether as part of a restructuring process. It embarked on a "drastic turnaround process" last year after it ran into losses. About 60 staff left the Dublin operations.
In March, FLS Industries reported an operating loss of 458 million Danish kroner (€61.37 million) for 2000, down from a 475 million kroner profit in 1999. Revenues fell to 19.2 billion kroner from 20.99 a year earlier.
The Dublin operation is thought to be profitable, though the Danish and British elements are believed to be incurring losses. Mr Henderson was hired in May last year after the departure of Mr Steffen Harpoth, who managed the purchase of the TEAM business.
The Dublin operation is thought to be profitable, though the Danish and British elements are believed to be incurring losses. Mr Henderson was hired in May last year after the departure of Mr Steffen Harpoth, who managed the purchase of the TEAM business.
That was a long, drawn-out process, that culminated in transfer of about £56 million to the company's staff for the surrender of letters of guarantee that secured their positions. It is not known what impact a sale to United Technologies would have on the company's staffing levels.
In recent weeks, FLS has linked with a United Technologies subsidiary, Sikorsky Helicopters, to make an agreement conditional on the Government awarding a large Aer Corps contract for the supply of helicopters to Sikorsky.
