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24 Oct 2013
HAECO to Acquire TIMCO Aviation Services, Inc.

Hong Kong Aircraft Engineering Company Limited ("HAECO", HKSE: 00044) today announced that it has entered into a conditional stock purchase agreement for the acquisition of TIMCO Aviation Services, Inc. ("TIMCO") for a cash consideration of US$388.8 million, subject to closing adjustments. TIMCO is a U.S. based provider of aircraft maintenance, repair and other services. The Seller is a company controlled by investment vehicles managed by Owl Creek Asset Management, L.P., an investment manager based in the U.S. 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 U.S., 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, Mr. 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."

About TIMCO Aviation Services

  1. Company Overview
    • Business Units
    • Employees
  2. Airframe Maintenance
    • Facilities
    • Complete range of A checks to heavy maintenance visits (HMV) and structural modification work.
    • Aircraft types coverage:
      • Boeing 737, 757, 767, 777
      • Airbus A300/310, A320
      • Others DC10, MD11, MD80/90, ERJ145, E170/190, CRJ200, CRJ700/900
  3. TIMCO LineCare™ (Line Maintenance)
    • Performs traditional line maintenance services including overnight checks and non-routine maintenance, logbook clearance, deferred and Minimum Equipment List (MEL) items and pilot reports.
    • Performs cabin maintenance and refurbishment services including carpet and moon mat replacement, seat adjustments & parts replacement, interior component repairs, seat cover changes, in-flight entertainment (IFE) and cabin communication systems troubleshooting and repairs.
    • 16 airport locations across the U.S.
  4. TIMCO Engine Center
    • Located in Oscoda, Michigan, it provides complete engine repair & overhaul and on-wing support services to all variants of Pratt & Whitney JT8D engines.
  5. TIMCO Aerosystems
    • Offices located in multiple cities in the U.S., Hamburg and London offering design engineering, testing & certification services and modifications & manufactured cabin interior products.
    • Certified by the U.S. Federal Aviation Administration (FAA) with Organisation Delegation Authorisation (ODA) approval permitting major modifications to aircraft via the Supplementary Type Certificate (STC) process.
    • Holds manufacturing certification and quality systems including AS9100C and Part Manufacturing Approval (PMA).
    • Engineering capabilities on
      • cabin reconfigurations
      • flight avionics upgrades
      • IFE systems integration
      • design and manufacturing of structural modifications
      • mechanical system changes
      • spare parts support and kitting services
    • Offers a wide range of competitive light weight cabin interior products including FeatherWeight™ seats, galleys, lavatories, crew rests, closets and other storage monuments.
    • Provides Cabin LifeCare™ on seating products supporting seat functionality, cosmetic appearance and serviceability at an agreed standard.

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 / Integration Services, Cabin Completion Centre / Design Engineering, Freighter Conversion, Parts Manufacturing, Line Maintenance, Fleet Technical Management, Inventory Technical Management, Component Services, Engine Overhaul and Technical Training. The HAECO Group consists of 17 subsidiaries and affiliates, employing over 14,000 staff in Hong Kong, Mainland China and Singapore. In 2012, HAECO was awarded the "Leading Independent Organisation" by Aviation Week and voted as the "Best Airframe MRO Provider - Asia" at the Aircraft Technology Engineering & Maintenance Awards. HAECO is publicly listed on the Hong Kong Stock Exchange (Stock Code: 00044). HAECO's website: