Australia's Patrick/Buys Jet Care
 

Australia's Patrick/Buys Jet Care -2: No Price Details

SYDNEY (Dow Jones)--Australian transport company Patrick Corp. said Thursday it has acquired privately held Jet Care Pty. Ltd. for an undisclosed price.

Jet Care does fleet maintenance work for Australia's second-biggest airline Virgin Blue, which is jointly owned by Patrick and U.K.-based businessman Richard Branson.


Patrick said in a brief statement to the Australian Stock Exchange after the close of trade that the purchase wasn't "a material transaction."

Patrick shares closed up 31 cents, or 2.3%, at A$14.11, while the broader market ended 0.3% lower.

Dow Jones

I hope this means the engineers will now get paid what they deserve!

DJ had to buy Jetcare or set up their own maintenance operation. As their operation expanded, they became more vulnerable to exorbitant pricing of maintenance activities from Jetcare. They lost out to QF in their bid to acquire the ex-Ansett hanger in BNE which then made it more difficult to set up a maintenance operation independent of Jetcare.

By owning their own maintenance operation, they have moved from the "start-up" phase into the "fully fledged airline" phase

Rumour around Ansett Engineering has a senior KordaMentha partner as the new CEO of Virgin Tech. Not sure if he has completely cut ties with the 2 clowns.

As for engineers getting paid probably, I don't like the sound of a Patricks style EBA. Think it's due next May.

Rmm