| FOR IMMEDIATE RELEASE | 5 November 2014 |
Hong Kong Aircraft Engineering Company Limited ("HAECO", HKSE:00044) announced today that GE Aviation ("GE") has acquired a 9.9% equity stake in Taikoo Engine Services (Xiamen) Co. Ltd. ("TEXL"). The transaction marks a milestone in the HAECO Group / GE Aviation partnership.
Established in July 2008, TEXL is a joint venture between HAECO, Taikoo (Xiamen) Aircraft Engineering Company Limited ("TAECO"), Cathay Pacific Airways Limited and Xiamen Aviation Industry Company Limited. TEXL provides a comprehensive range of repair and overhaul services for GE90 engines, including performance restoration, quick turn and module shop visits, engine test and component repair.
In 2008, TEXL and GE Aviation entered into a long-term GE90 Branded Service Agreement ("GBSA"), which licenses TEXL as an authorised GE90™ Service Provider, GE90 Centre of Excellence and the sole holder of a GE90 GBSA in Asia. TEXL has performed engine repair and overhaul work on more than 150 GE90 engines to date, from an extensive list of GE90 operators, including Cathay Pacific, EVA AIR, Air India, GE Capital Aviation Services, China Cargo Airlines, China Southern Airlines, Emirates Airlines, Etihad Airways, Turkish Airlines, Jet Airways and Thai Airways.
Augustus Tang, Chief Executive Officer of the HAECO Group said: "This transaction marks another significant milestone in our growing partnership with GE Aviation. With GE's assistance, TEXL has developed into a world class GE engine repair and overhaul facility, providing quality and cost effective MRO services to our customers. We look forward to working even more closely with our new shareholder to ensure that TEXL is best placed to cope with the increasing global demand for GE90 engine repair and overhaul services."
Kevin McAllister, President and Chief Executive Officer of GE Aviation, Services said: "TEXL is an excellent partner and an important part of our global network of facilities, providing world-class maintenance, repair and overhaul for GE90 operators. Our investment will enable TEXL to continue to expand to meet growth in the GE90 fleet, providing our customers with the choice, flexibility and responsiveness that are the hallmark of our services offerings."
About Hong Kong Aircraft Engineering Company Limited ("HAECO")
HAECO is one of the world's leading aircraft engineering and maintenance groups. It provides a comprehensive range of services encompassing Airframe Services, Line Services, Cabin Solutions, Private Jet Solutions, Fleet Technical Management, Inventory Technical Management, Component Overhaul, Aerostructure Repairs, Landing Gear Services, Engine Services, Parts Manufacturing and Technical Training. The HAECO Group consists of 19 subsidiaries and affiliates, employing about 17,000 staff in Hong Kong, Mainland China, Singapore and the United States. HAECO is publicly listed on the Hong Kong Stock Exchange (Stock Code: 00044). HAECO's website: www.haeco.com
About GE Aviation
GE Aviation, an operating unit of GE (NYSE: GE), is a world-leading provider of jet, turboshaft and turboprop engines, components and integrated systems for commercial, military, business and general aviation aircraft. GE Aviation has a global service network to support these offerings. For more information, visit us at www.ge.com/aviation. Follow GE Aviation on Twitter at http://twitter.com/GEAviation and YouTube at http://www.youtube.com/user/GEAviation.
| © Copyright 1996-2023 irasia.com Ltd. All rights reserved. |
|
DISCLAIMER: irasia.com Ltd makes no guarantee as to the accuracy or completeness of any
information provided on this website. Under no circumstances shall irasia.com Ltd be liable
for damages resulting from the use of the information provided on this website.
TRADEMARK & COPYRIGHT: All intellectual property rights subsisting in the contents of this website belong to irasia.com Ltd or have been lawfully licensed to irasia.com Ltd for use on this website. All rights under applicable laws are hereby reserved. Reproduction of this website in whole or in part without the express written permission of irasia.com Ltd is strictly prohibited. TERMS OF USE: Please read the Terms of Use governing the use of our website. |