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February 2015

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HEICO Corporation has announced that its Flight Support Group completed the acquisition of 80% of the equity of Aeroworks International Holdings. Financial terms were not disclosed, but HEICO stated that it expects the acquisition to be accretive to its earnings within the first year after closing. Aeroworks is a manufacturer of both composite and metal parts used primarily in aircraft interior applications, including seating, galleys, lavatories, doors and overhead bins. Its products are sold mostly to commercial aircraft interior primes for use in commercial aircraft retrofit, interior replacement and new aircraft production. Aeroworks is headquartered in The Netherlands with production facilities in Thailand and Laos. Aeroworks’ active leadership team will remain in place and HEICO does not anticipate any changes with respect to Aeroworks’ team members or customer relationships.


PAS Technologies has successfully completed the sale of its Cork, Ireland, operation to Knox Capital Holdings. The acquisition by Knox Capital, along with a majority recapitalisation of TRS Services, has resulted in the formation of a new company known as TRS Global. David Theis, former Senior Vice President of Sales at PAS, was involved in the transaction and now leads TRS Global as Chief Executive Officer. The former PAS Ireland facility team, led by General Manager, Gerard Hurley, will remain in place. PAS Ireland will be renamed Turbine Repair Services Global Ireland, doing business as TRS Global Ireland.


ST Aerospace secured new contracts worth $310m in 2014. These included a five-year maintenance-by-the-hour (MBH) contract signed with a returning airline customer in Asia, which operates a fleet of Boeing 737NG aircraft. Under the agreement, ST Aerospace will provide MBH support services covering component repairs, consignment of spares, as well as access to its inventory pool of rotables worldwide. Additionally, the aerospace sector’s VIP completions division secured heavy maintenance contracts for three Boeing 757 aircraft belonging to a Head of State and two VIP customers.


ST Aerospace’s Singapore-based engine facility signed a two-year contract with a regional low-cost airline for the engine MRO of its CFM56-7B engines. Additionally, multi-year contracts have been sealed with customers in Asia Pacific, Europe and the US for EcoPower engine wash services.


In 4Q14, the aerospace sector redelivered a total of 238 aircraft for airframe maintenance and modification work. In addition to airframe redeliveries, a total of 12,145 components, 50 landing gears and 43 engines were processed, while 1,927 engine washes were conducted for both commercial and military customers.


The fourth quarter’s aircraft redeliveries included the first Boeing 767 aircraft to a Japanese airline, and two additional Boeing 767 to a North American airline, after a full cabin reconfiguration programme. The cabin interior completion for the Japanese airline’s aircraft also saw the award of STCs from the FAA and the Japan Civil Aviation Bureau.


On aircraft capability, the aerospace sector’s airframe facility in Guangzhou received maintenance organisational approvals from the Department of Civil Aviation Malaysia and Civil Aviation Authority of the Philippines, for Airbus A320 aircraft, further extending the geographical range of its maintenance capabilities.


On passenger-to-freighter conversions, ST Aerospace completed the critical design review phase for the engineering development of the A330-300 P2F conversion, marking a significant step forward for the A330 P2F programme.


TP Aerospace Group, through an asset buy-out, has acquired TP Aerospace Technics, based in Orlando, FL. The acquisition supplements and strengthens TP Aerospace’s wheel and brake aftermarket presence in North and Latin America, allowing continued development in a growth market.

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