HAECO Buys Greensboro-based TIMCO

10:26 PM, Oct 24, 2013   |    comments
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GREENSBORO, N.C. -- A Hong Kong company is in the process of buying Greensboro-based TIMCO Aviation Services.

Hong Kong Aircraft Engineering Company Limited (HAECO) will purchase TIMCO for about $388.8 million. The deal could close as soon as the first quarter of 2014. TIMCO executive Kip Blakely told WFMY News 2 the deal will not cost anyone a job. Blakely insists the sale is about growth, not cutting jobs.

"We are delighted to have agreed to join HAECO, a respected and long-standing leader in our industry with customers that include the top global and U.S. airlines," Kevin Carter, Chief Executive Officer of TIMCO, said in a statement.  "This transaction will open the door to new growth going forward."

TIMCO employs about 2,750 people. Potential changes to its staffing are unclear at this time.

TIMCO provides maintenance, repair and overhaul services for various aircrafts. It began its operations in 1990. 

Greensboro Economic Development Alliance President Dan Lynch said, "It enhances our prominence. When you have a company like this come in and purchase a company that's here, which will increase their presence here, that bodes well for Greensboro and the Triad as we go out to recruit other aviation companies here."

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