Aircraft maintenance company Hong Kong Aircraft Engineering Co. (HAECO) on Thursday announced its proposed acquisition of U.S.-based TIMCO Aviation Services for $388 million in an effort to expand its maintenance, repair and overhaul services (MRO) into the North American market.
Greensboro, N.C.-based TIMCO has four aircraft maintenance facilities throughout the U.S., and also operates at 16 different airports. The acquisition is subject to regulatory approval, though TIMCO expects the deal to close by the first quarter of 2014.
“This transaction will open the door to new growth going forward. By making an investment in TIMCO, HAECO is demonstrating its commitment to strengthening our platform in North America," said Kevin Carter, CEO of TIMCO.
The TIMCO acquisition will add HAECO's first aircraft maintenance facility outside of the Asia Pacific region.