| FOR IMMEDIATE RELEASE | 7 February 2014 |
(Hong Kong, 7 February 2014) - Hong Kong Aircraft Engineering Company Limited ("HAECO", HKSE:00044) announced today that it has completed its previously announced acquisition of TIMCO Aviation Services, Inc. ("TIMCO"), creating one of the world's leading providers of aircraft maintenance, repair, overhaul (MRO) services and aircraft interiors products and services.
"This is a truly exciting day for HAECO and TIMCO as our companies embark upon a new chapter of global growth," said Augustus Tang, Chief Executive Officer of HAECO. He added, "TIMCO's strong reputation for quality aircraft care and customer services fits well with the HAECO family of companies. We are looking forward to continuing to grow TIMCO's capabilities and reach, especially in the delivery of aircraft interiors products and services."
Kevin Carter, Chief Executive Officer of TIMCO, said, "The customers, employees and communities where TIMCO facilities are located have much to look forward to as we embark on our new relationship with HAECO. Our strategic combination will build upon both companies' global customer reach, utilize best practices across a broader enterprise and elevate our commitment as responsible corporate citizens in the communities in which we operate."
With the completion of the transaction, TIMCO will be a wholly-owned subsidiary of HAECO, creating one of the world's leading airframe MRO service providers based on scope of services and products offered. HAECO and TIMCO together will provide customers with an enhanced range of capabilities and will be uniquely positioned to capitalise on significant growth opportunities, particularly in the aircraft interiors engineering and manufacturing market segments.
About Hong Kong Aircraft Engineering Company Limited ("HAECO")
HAECO is one of the world's leading aircraft maintenance and engineering groups providing a comprehensive range of services encompassing Airframe Maintenance, Line Maintenance, Component Services, Engine Overhaul, Inventory Technical Management, Fleet Technical Management, Cabin Reconfiguration & Integration Services, VIP Cabin Completion, Freighter Conversion, Parts Manufacturing and Technical Training. The HAECO Group consists of 17 subsidiaries and affiliates, employing over 17,000 staff in Hong Kong, mainland China, Singapore and the U.S. HAECO is publicly listed on the Hong Kong Stock Exchange (Stock Code: 00044). HAECO's website: www.haeco.com
About TIMCO Aviation Services, Inc. ("TIMCO")
TIMCO is one of the largest independent aircraft maintenance, repair and overhaul (MRO) providers, supporting global aircraft operators and owners with comprehensive aircraft care services including base maintenance from four multi-hangar locations. The company's TIMCO Aerosystems division provides interiors design, engineering, certification and integration services, as well as manufactured products including the FeatherWeight™ line of galleys, lavatories and passenger seating. The TIMCO Engine Center provides engine MRO and TIMCO's line services network delivers line maintenance and cabin care at airports across the U.S. More information is available at www.timco.aero.
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