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Thu October 24, 2013
Hong Kong Company Acquires Timco
TIMCO Aviation Services (TIMCO) has been sold to Hong Kong Aircraft Engineering Company Limited (HAECO) for an estimated $388.8 million.
TIMCO provides international aviation maintenance, repair and overhaul services employing about 2,700. In the Piedmont Triad, it employs about 1,500 workers.
Earlier this month, the Business Journal reported the company is looking for financing to build a $30 million dollar hanger at the Piedmont Triad International Airport. The project is expected to create about 400 new jobs. However, a delay in construction may mean the project will not begin until next year.
Meanwhile, the Greensboro News & Record reported the company needs more workers for the growing amount of work it's getting from customers such as American Airlines. So TIMCO is working harder to attract young people. It services nearly 200 aircrafts a year at Piedmont Triad International Airport. TIMCO also designs and makes lavatories and kitchen galleys in Greensboro and airplane seats at a new plant in Wallburg.
Hong Kong based HAECO is a leading global aircraft engineering and maintenance service company. The transaction between HAECO and TIMCO is expected to close in the first quarter of 2014.