Panama Jack
4th Dec 2006, 19:32
Globe and Mail (http://www.globeinvestor.com/servlet/story/RTGAM.20061204.waceaviation1204/GIStory/)
ACE Aviation picks up part of El Salvador maintenance firm
Canadian Press
Monday, December 04, 2006
MONTREAL — A subsidiary of ACE Aviation Holdings Inc. will acquire 80 per cent of Grupo TACA Holdings Ltd.'s aircraft maintenance division in El Salvador for $44.7-million and shares.
ACE Aviation's main holding is a controlling stake in Air Canada, whose shares recently returned to the stock market.
The cash portion of subsidiary ACTS's purchase of Aeromantenimiento SA will be funded from ACE's available cash resources, while the size of the equity stake will be confirmed at a later date.
It represent less than 7 per cent of the total equity of ACTS, the company said.
As part of the deal, Grupo TACA president Roberto Kriete will join ACTS's board.
“This acquisition is in line with ACE's strategy to generate shareholder value by furthering the development of ACTS as a stand-alone, profitable entity,” stated ACE CEO Robert Milton.
Aeromantenimiento has a solid track record for service delivery, strong financials and a stable customer base, and its location in Central America will allow it to service narrow-body aircraft from both North and South America, the company said.
“We are very pleased to have ACTS join us as a strategic investor in an operation that leverages Aeroman's competitive strengths and facilitates its growth strategy, as well as contributing to El Salvador's efforts to attract future foreign investments,” said Mr. Kriete.
Montreal-based ACTS is a full-service maintenance, repair and overhaul organization that provides airframe, engine and component maintenance to more than 100 customers, including Air Canada, Delta Air Lines and Canada's Department of National Defence.
Aeromantenimiento has been providing heavy maintenance repairs, engine accessory replacement and inspections for over 20 years. It employs about 1,000 people.
ACE Aviation picks up part of El Salvador maintenance firm
Canadian Press
Monday, December 04, 2006
MONTREAL — A subsidiary of ACE Aviation Holdings Inc. will acquire 80 per cent of Grupo TACA Holdings Ltd.'s aircraft maintenance division in El Salvador for $44.7-million and shares.
ACE Aviation's main holding is a controlling stake in Air Canada, whose shares recently returned to the stock market.
The cash portion of subsidiary ACTS's purchase of Aeromantenimiento SA will be funded from ACE's available cash resources, while the size of the equity stake will be confirmed at a later date.
It represent less than 7 per cent of the total equity of ACTS, the company said.
As part of the deal, Grupo TACA president Roberto Kriete will join ACTS's board.
“This acquisition is in line with ACE's strategy to generate shareholder value by furthering the development of ACTS as a stand-alone, profitable entity,” stated ACE CEO Robert Milton.
Aeromantenimiento has a solid track record for service delivery, strong financials and a stable customer base, and its location in Central America will allow it to service narrow-body aircraft from both North and South America, the company said.
“We are very pleased to have ACTS join us as a strategic investor in an operation that leverages Aeroman's competitive strengths and facilitates its growth strategy, as well as contributing to El Salvador's efforts to attract future foreign investments,” said Mr. Kriete.
Montreal-based ACTS is a full-service maintenance, repair and overhaul organization that provides airframe, engine and component maintenance to more than 100 customers, including Air Canada, Delta Air Lines and Canada's Department of National Defence.
Aeromantenimiento has been providing heavy maintenance repairs, engine accessory replacement and inspections for over 20 years. It employs about 1,000 people.