Sale of Timco Aviation to HK company is complete

10-Feb-2014 Intellasia | Journalnow | 6:00 AM Print This Post

The $388.8 million sale of Timco Aviation Services Inc. to a Hong Kong aircraft-maintenance company was completed late Thursday, according to the companies.

Timco has about 2,800 employees, with more than 1,500 in the Triad at its Piedmont Triad International Airport operations in Greensboro and its Timco Aerosystems operations in Wallburg. The company has four hangars at the airport.

Hong Kong Aircraft Engineering Co. Ltd announced its plans to buy the Greensboro company October 24.

“TIMCO’s strong reputation for quality aircraft care and customer services fits well with the HAECO family of companies,” Augustus Tang, chief executive of Hong Kong Aircraft, said in a statement.

“We are looking forward to continuing to grow Timco’s capabilities and reach, especially in the delivery of aircraft interiors products and services.”

Hong Kong Aircraft has been in business for 60 years. It bought Timco from Owl Creek Asset Management LP, a hedge-fund company in Manhattan that took control of the company in July 2006.

The companies said the deal “will create one of the world’s largest airframe maintenance, repair and overhaul (MRO) service providers based on revenues, number of customers and scope of services and products offered.” Those numbers were not provided in the news release.

Timco will be a wholly owned US subsidiary of Hong Kong Aircraft and keep its headquarters in Greensboro. The companies said there are no planned layoffs within Timco, and Kevin Carter will remain as Timco’s chief executive.

Carter said the deal “will open the door to new growth going forward” and demonstrates Hong Kong Aircraft’s commitment to “strengthening our platform in North America.”

Hong Kong Aircraft already serves many of Timco’s US and global customers. It has facilities in Hong Kong, mainland China and Singapore with more than 14,000 employees.

The deal is noteworthy in that Timco is a key anchor of the Triad’s aerotropolis economic cluster, both in terms of employment and production capacity.

Business has been booming for the local industry in recent years as more domestic and global airline companies outsource MRO work to such groups as Timco and North State Aviation of Winston-Salem.

Other key members of the local aerotropolis include Atlantic Aero, B/E Aerospace Inc., Epes Trucking, FedEx’s air and ground hubs, GE Aviation, Honda Aircraft Co., Old Dominion Freight Line Inc., Triumph Actuation Systems LLC and Volvo Trucks North America.

http://www.journalnow.com/business/business_news/local/sale-of-timco-aviation-to-hong-kong-company-is-complete/article_573e94a2-9009-11e3-b14f-0017a43b2370.html

 


Category: Hong Kong

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