Bulgarian Airline Electra Airways Joins Newly Established Vector Group Based in Tel Aviv

Jerusalem, 27 February, 2023 (TPS) -- SOFIA, 24.02.2023 (BTA)
The Bulgarian airline Electra Airways and the organization for technical maintenance of aircraft Electra Trans Global, also known as ETG Maintenance, are becoming part of the newly established Tel Aviv-based Vector Group, the Bulgarian company said.

In addition to the two Bulgarian companies, Vector Group includes Tel-Aviv charter airline Classic Air and Irish leasing company Maverick Horizon.

The reason for Vector Group’s creation is the building of a strong aviation business group in Europe and the Middle East, whose companies to be able to take advantage of the effect of their joint work. Each of the four companies has traditions in aviation industry, but the participation in the group is expected to strengthen their position on the market.

ETG Maintenance Executive Director Metodi Trifonov expressed happiness at Vector Group’s establishment and at the companies within it going to join resources and competency in the name of a common goal: achieving synergy and better results, uniting their long-standing experience in aviation industry.

Electra Airways head Stefan Trifonov said that as part of Vector Group, the company will continue to carry out its main activity, which is related to charter and other flights, but will also work actively on increasing their partner network of well-established airlines and brokers. For this year the company is planning to operate with seven Airbus 320 and one Boeing 737-300 aircraft but is planning to add new aircraft to its fleet.

By the end of 2025 the airline plans to have 15 Airbus 320 Family aircraft. If there is a market and good economic environment, one A321F can be added as well as an A330 in the long term.

ETG Maintenance has bases in Varna, Sofia, Burgas, and Poland’s Katowice. The company has been approved by Directorate General Civil Aviation Administration with the Transport Ministry to carry out all kinds of basic and linear maintenance for Airbus A320 CEO, Boeing 737 Classic /NG and the MD-80 Series.

The companies said that strategic investments have been attracted from leading Israeli company Aurum Group.