Haeco Buys Timco for $389 Million to Expand MaintenanceJasmine Wang
Hong Kong Aircraft Engineering Co., 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., rose 0.9 percent to HK$103.50 as of 9:52 a.m. in Hong Kong trading.