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19-10-2006 Fokker Services, part of Stork Aerospace, today signed a letter of intent (LOI) for the acquisition of a controlling interest (51%) in Piedmont Aviation Component Services and a strategic interest (49%) in Limco Airepair Inc. The intended acquisition is part of Fokker Services strategy to expand it's postion in the growing US aerospace services market and follows the recent acquisition of Airinc. Piedmont (130 employees, sales appr. US $ 38 million p.a.) is specialised in maintenance repair and overhaul (MRO) of auxiliary power units, landing gears and propellers. Limco (150 employees, sales appr. US $ 17 million p.a.) is original equipment manufacturer (OEM) and a MRO-station for environmental control systems and components. Piedmont and Limco are part of TAT Technologies Ltd., a NASDAQ listed company. The projected price to be paid to TAT amounts to US $ 38.375 million, depending on the succesful completion of due diligence activities. Closing is expected in Q1 2007 subject to due diligence and execution of final agreements.
Piedmont Aviation Component Services LLC (located in Kernersville, North Carolina, www.piedmontaviation.com), provides MRO services on APU's, Landing Gears and Propellers installed in many aircraft types such as (but not limited too) Fokker, Boeing, ATR, Bombardier and Embraer. Piedmont is serving many commercial and military operators around the world (e.g. Air Canada Jazz, Delta Airlines, JSSI (Business Jets)). Currently Fokker Services outsources its maintenance on the worldwide Fokker-installed-APU's exclusively to Piedmont. This proposed transaction enables Fokker Services to further expand its capabilities and customer base in the US market in order to deliver its ABACUS Logistic Program on non-Fokker aircraft. The ABACUS program ensures the availability of components through supply chain provisioning and repair management of unserviceable critical airframe and engine components. Limco Airepair Inc. (located in Tulsa, Oklahoma USA, www.limcoairepair.com) is original equipment manufacturer (OEM) and a MRO-station for environmental control systems and components e.g. heat exchangers, oil coolers, fuel heaters, precoolers and cooling and environmental control systems. These systems and components are both delivered to OEM clients (e.g. Boeing, Airbus, Bombardier and Lockheed-Martin) and civil and military operators (e.g. Air France, KLM, FedEx, American Airlines and the US Ministry of Defense). This strategic step enables Fokker Services to better serve its customers for these products and to enter the aftermarket for aircraft types like Bombardier and Boeing.
Stork Aerospace develops and produces advanced components and systems for the aviation and aerospace industry, and supplies integrated services and products to aircraft owners and operators. The group achieved a turnover of € 551 million in 2005 with 3,384 employees out of the total Stork turnover of €1.82 billion.
Press information:
Stork N.V.
Dick Kors
Tel.: +31 (0)35 695 75 75 or +31 (0)6 51 98 40 54
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