HAECO to acquire US aircraft maintenance firm

Sale to be completed in the first quarter of 2014.

Hong Kong Aircraft Engineering Company, Ltd (HAECO) will acquire TIMCO Aviation Services Inc. for US$388.8 million.

The acquisition will create one of the world’s largest airframe maintenance, repair and operations providers based on revenues, number of customers and scope of services and products offered.

Hong Kong-based HAECO is a global aircraft engineering and maintenance services company based in Hong Kong. TIMCO performs aircraft maintenance work and makes lightweight aircraft seats. It has a staff of 1,800 people.

The two companies will be able to provide customers with an enhanced range of capabilities and be able to capitalize on growth opportunities, particularly in the aircraft interiors engineering and manufacturing market segments.