TIMCO Sold To Asian Company
Greensboro based TIMCO Aviation is being sold to Hong Kong company for 388 million dollars. TIMCO is one of the nation’s largest MROs (maintenance, repair, and overhaul). It provides service to commercial and military aircraft and has government contracts. The hedge fund that owns TIMCO agreed this week to sell the company to HAECO for $388 million. The deal will create one of the largest MROs in the world.
“Quite honestly, we, we need to invest in our American markets. But more importantly, the real growth in aviation is going to be in Asia in the next 20-30 years and they’re going to be able to lead us into those markets,” said Kip Blakely, a Vice President with TIMCO.
Blakely as well as an industry analyst believe the merger will lead to more jobs in the Triad. TIMCO currently employs about 1,800 in Greensboro. Local layoffs aren’t expected. TIMCO will continue to operate under the same name. Along with FexEX, Honda Jet and B/E Aerospace it’s is one of the major aviation companies in the region. The deal is expected to close within 90 days.