Hong Kong Aircraft Engineering Co. (Haeco) just announced plans to purchase Timco Aviation Services for $388.8 million. The deal, pending usual closing and regulatory approvals, should occur in the first quarter 2014.
Haeco, part of the Swire Pacific Group that includes Cathay Pacific, provides maintenance and engineering for Cathay as well as other operators, created an engineering center of excellence for interiors--so the acquisition of Timco, which offers heavy maintenance, interior manufacturing and line maintenance services--adds a manufacturing element. Besides complementary services, it also provides Haeco an entree into the North American market.
Haeco and Timco both just sent out press releases, but one statement in the Timco announcement highlights the interiors component, which could be one of the key drivers for the acquisition. Kevin Carter, Timco's CEO, says, “This exciting and unique opportunity offers our customers access to a broader and deeper platform of products and services while better enabling us to seize on current global growth opportunities related to interiors engineering and manufacturing.”
Two sources told me a conference call with Timco employees is occurring now.