MRO MARKET– HAECO TO ACQUIRE TIMCO AVIATION SERVICES

TESTCustomwebLP TESTCustomwebLP
By TESTCustomwebLP TESTCustomwebLP October 24, 2013 14:26

MRO MARKET– HAECO TO ACQUIRE TIMCO AVIATION SERVICES

It has been revealed today that Hong Kong Aircraft Engineering Company (HAECO) has entered into a conditional stock purchase agreement for the acquisition of US maintenance, repair and overhaul (MRO) company TIMCO Aviation Services (TIMCO) for a cash consideration of US$388.8 million, subject to closing adjustments. The Seller is a company controlled by investment vehicles managed by Owl Creek Asset Management, an investment manager based in the US.

Subject to satisfaction of the conditions in the stock purchase agreement, the acquisition is expected to be completed in the first quarter of 2014.

TIMCO, headquartered in Greensboro, North Carolina in the US, is one of the largest independent aircraft maintenance and repair organisations in the world. It provides a broad spectrum of aircraft technical services, including airframe, line and engine maintenance, cabin modification services, seats and interior products manufacturing. Headquartered in Hong Kong, HAECO is a leading independent maintenance and repair organisation in the Asia Pacific region, recognised for its technical expertise and operational excellence.

Commenting on the acquisition, Christopher Pratt, Chairman of HAECO, said: “The acquisition of TIMCO will expand HAECO’s operations and broaden its sources of revenue. We believe that the business and operations of TIMCO will fit well strategically with the existing business of HAECO. In combination, they will be able to offer enhanced aircraft maintenance and cabin modification services to a wider range of customers. Additionally, the HAECO Group will be able to accelerate the development of technical capabilities while providing a comprehensive range of products, including for narrow-body and regional aircraft.”

TESTCustomwebLP TESTCustomwebLP
By TESTCustomwebLP TESTCustomwebLP October 24, 2013 14:26
Write a comment

No Comments

No Comments Yet!

Let me tell You a sad story ! There are no comments yet, but You can be first one to comment this article.

Write a comment

Only <a href="http://www.aviationnews-online.com/wp-login.php?redirect_to=http%3A%2F%2Fwww.aviationnews-online.com%2Feditorial-comment%2Fmro-market-haeco-to-acquire-timco-aviation-services%2F"> registered </a> users can comment.