HAECO acquires TIMCO in stock purchase deal
Hong Kong Aircraft Engineering Company (HAECO), whose diverse range of services includes freighter conversions, has reached a $388.8 million stock purchase agreement to acquire Greensboro, N.C.-based TIMCO Aviation services.
TIMCO is a provider of aircraft maintenance, repair and other services. It is one of the largest independent aircraft maintenance and repair organizations in the world. It provides a broad spectrum of aircraft technical services, including airframe, line and engine maintenance, cabin modification services, seat and interior products manufacturing.
Headquartered in Hong Kong, HAECO is a leading independent maintenance and repair organization in the Asia Pacific region.
“The acquisition of TIMCO will expand HAECO’s operations and broaden its sources of revenue,” says Christopher Pratt, HAECO’s chairman. “We believe 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.”
HAECO employs more than 14,000 in Hong Kong, China and Singapore. TIMCO employs more than 2,700 in Greensboro, Lake City, Fla., Macon, Ga., and Cincinnati, Ohio.