TIMCO Purchases Aircraft Maintenance Assets and Will Use Hangar at Cincinnati-Northern Kentucky International Airport for MRO Operations

GREENSBORO, NC—31 October, 2012 … TIMCO Aviation Services (“TIMCO”) announced today that it has purchased the assets that were used by PEMCO World Air Services (“PEMCO”) in its former aircraft maintenance, repair and overhaul (MRO) operation at Cincinnati-Northern Kentucky International Airport (CVG). The company has also signed a lease agreement for the hangar previously occupied by PEMCO and will use the facility to grow the existing base of business there serving regional aircraft operators.

TIMCO has been seeking capacity and capability to add regional aircraft services to its diversified MRO business and views the addition of the existing workforce and customer base at CVG as an ideal way to accomplish this objective. With today’s announcement, TIMCO has effectively taken control of the operation and begun delivering services as TIMCO Aviation Services.

“The Commonwealth is thrilled to welcome TIMCO Aviation Services to Northern Kentucky,” said Gov. Steve Beshear. “By serving regional aircraft operators, TIMCO enhances our aviation industry, which is an invaluable asset for economic development, commerce, as well as passenger travel. This is an outstanding company, and the number of additional jobs and investment TIMCO is anticipating represents opportunities, growth and a better future.”

Bill Norman, President of TIMCO MRO Services, said, “We are very impressed with the skills, quality and experience of the team currently in place at the facility. We anticipate hiring additional staff and making a significant investment in new tooling and equipment to support the additional capabilities and growth we have planned for the operation.”

Kevin Carter, TIMCO’s Chief Executive Officer added, “A number of key stakeholders worked quickly to make this economic investment in the community possible. We are especially grateful for the help and support from the Kenton County Airport Board, the FAA Cincinnati Flight Standards District Office, the Kentucky Economic Development Finance Authority, Boone County and the Tri-County Economic Development Corporation.”

TIMCO Aviation Services is one of the largest, independent aircraft maintenance, repair and overhaul (MRO) providers, supporting global aircraft operators and owners with comprehensive aircraft care services including base maintenance from three multi-hangar locations. The company’s TIMCO Aerosystems division provides interiors design, engineering, certification and integration services, as well as manufactured products including the FeatherWeight™ line of galleys, lavs and passenger seating. The TIMCO Engine Center provides engine MRO and TIMCO LineCare™ delivers line maintenance and cabin care at airports across the U.S.