Haeco Buys Timco for $389 Million to Expand Maintenance

Hong Kong Aircraft Engineering Co. (44), the city-based airplane-maintenance provider, agreed to pay $388.8 million to buy Timco Aviation Services Inc. to expand the business.

The two companies will be able to offer more customers a wider range of services, including airframe maintenance and cabin modification, Hong Kong Aircraft, also known as Haeco, said in a regulatory statement today.

Timco, based in Greensboro, North Carolina, provides aircraft technical services including airframe, line and engine maintenance, cabin modification and interior products manufacturing. It had a net income of $6 million in 2012 after posting a net loss of $12 million a year earlier, according to the statement.

Haeco, controlled by Swire Pacific Ltd. (19), rose 0.9 percent to HK$103.50 as of 9:52 a.m. in Hong Kong trading.

To contact the reporter on this story: Jasmine Wang in Hong Kong at jwang513@bloomberg.net

To contact the editor responsible for this story: Anand Krishnamoorthy at anandk@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.