HAECO Celebrates 60th Anniversary

Hong Kong Aircraft Engineering Company Limited ("HAECO") held a ceremony today at its hangar two to celebrate its historic 60th year of operation in Hong Kong. Mr. Donald Tsang, Chief Executive of the HKSAR Government and Ms. Eva Cheng, Secretary for Transport and Housing, were Guests of Honour at the ceremony, which was officiated by Mr. Christopher Pratt and Mr. Augustus Tang, Chairman and Chief Executive Officer of the company respectively.

HAECO dates its history to 1947, when Swire formed Pacific Air Maintenance Services ("PAMAS") at Hong Kong's Kai Tak Airfield to capture new opportunities in the aviation industry, leveraging on a solid engineering background accrued over 40 years of building ships at Taikoo Dockyard in Quarry Bay. By the time Swire acquired majority shareholding in Cathay Pacific in 1948, PAMAS's new maintenance hangar was already well under construction at Kai Tak. In 1950, PAMAS merged with its principal rival at Kai Tak, Jardine Air Maintenance Company, to form HAECO.

Over the past 60 years, HAECO has grown from a shoe-string operation to become one of the leading Maintenance, Repair and Overhaul ("MRO") facilities in the world, ranking in the top five MROs in terms of total airframe man-hours in 2009. The HAECO Group today offers a full spectrum of services, ranging from airframe heavy maintenance, line maintenance and engine overhaul, to mechanical and avionic component repair and overhaul and inventory technical management.

Speaking at the event, Mr. Christopher Pratt, Chairman of HAECO, said, "I am immensely proud that, at 60, HAECO is a global brand - known and respected throughout the aviation industry. In a complex and highly competitive field, we have built a reputation for world-class quality, reliability and service. And what makes me even prouder is that HAECO is entirely home-grown: conceived and developed in Hong Kong and owing its success to the talent and dedication of Hong Kong people."

"The HAECO story is not just that of Hong Kong alone. From the late 1980s HAECO has been developing maintenance and overhaul capability in Xiamen, Mainland China, forging enduring partnerships with such industry giants as Rolls-Royce, GE, Boeing and Airbus. Today, the company employs close to 5,000 people in Hong Kong and anticipates employing 600 more in 2011. We also employ over 4,700 people in Xiamen, fully demonstrating a very pragmatic and successful integration between Hong Kong and Mainland China."

"The HAECO Group will continue to invest in facilities and services to meet increasing demand for aircraft maintenance facility: TAECO's sixth hangar at Xiamen's Gaoqi International Airport is on track to commence operations in mid 2011 and we are actively considering an extension to HAECO's third hangar in Hong Kong, opened just a year ago. We will continue to grow our start-up joint ventures on the Mainland. Above all, we never forget that the HAECO brand is only as good as the quality of our people, who has contributed to establishing Hong Kong as a centre of excellence for aeronautical engineering, and has underpinned our success," Mr. Pratt said.

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Guests of Honour Mr. Donald Tsang, Chief Executive of the HKSAR Government, and Ms. Eva Cheng, Secretary for Transport and Housing, are joined by Mr. Christopher Pratt, Chairman of HAECO, and Mr. Augustus Tang, Chief Executive Officer of HAECO to unveil the plaque commemorating HAECO's 60th anniversary.

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Mr. Christopher Pratt, Chairman of HAECO, presents a souvenir fabricated from an aircraft engine compressor blade to Mr. Donald Tsang, Chief Executive of the HKSAR Government.

About Hong Kong Aircraft Engineering Company Limited ("HAECO")
HAECO is one of the world's leading aeronautical engineering groups providing a comprehensive range of services encompassing airframe maintenance, cabin reconfiguration, engine overhaul services, component services, line maintenance, fleet technical management, freighter conversion and technical training. The HAECO Group consists of 19 subsidiaries and affiliates, employing over 12,000 staff in Hong Kong, Mainland China, Singapore and Bahrain. HAECO is publicly listed on the Hong Kong Stock Exchange (Stock Code:00044). HAECO's website: www.haeco.com.