Oct. 24--North Carolina-based Timco Aviation, which has a Macon facility with about 400 workers, announced late Wednesday it is being bought by a Hong Kong company.
Timco has signed an agreement with Hong Kong Aircraft Engineering Co. Ltd., a leading global aircraft engineering and maintenance services company based in Hong Kong, for about $388.8 million, according to a news release. The deal is subject to closing adjustments.
Timco Aviation is one of the largest, independent aircraft maintenance, repair and overhaul providers, the release stated.
"There are no planned layoffs as part of this transaction," said Patrick Tucker, vice president of The Abernathy MacGregor Group public relations firm. Timco will retain its name, he said.
Pat Topping, senior vice president of the Macon Economic Development Commission, said the company has close to 400 employees and has a five-year contract with U.S. Airways to do the maintenance on the company's wide-bodied planes.
"I can only think that because Timco has been doing so well lately, that they were a target," to be acquired," Topping said.
The acquisition will create one of the world's largest airframe maintenance, repair and overhaul service providers based on revenues, number of customers and scope of services and products offered, the release stated.
To contact writer Linda S. Morris, call 744-4223.
Copyright 2013 - The Macon Telegraph