Aviation Sales Co. acquires Dixie Bearings Aircraft Division.MIAMI--(BUSINESS WIRE)--Aug. 12, 1996--Aviation Sales Co. (NYSE NYSE See: New York Stock Exchange :AVS (Audio Video Coding Standard) A video compression technique developed by Chinese companies and supported by the Chinese government. Expected to provide better compression than MPEG-2, AVS was created to avoid paying royalties to the MPEG licensors, which are outside ) Monday announced the acquisition of the assets of the aircraft distribution division of Dixie Bearings Inc. The aircraft distribution division of Dixie Bearings is a leading provider of new aircraft bearings, power transmission components, accessories and related products to commercial airlines, cargo carriers and overhaul service facilities worldwide. "While we do not expect this acquisition to have a significant impact on 1996 earnings, this acquisition represents our expansion into new parts distribution which establishes a critical business leg for our future growth," said Dale S. Baker, chairman and chief executive officer. Aviation Sales Co., headquartered in Miami, is a recognized worldwide leader in the aircraft spare parts Spare parts, also referred to as Service Parts is a term used to indicate extra parts available and in proximity to the mechanical item, such as a automobile, boat, engine, for which they might be used. Spare parts are also called “spares. redistribution market, selling parts for Boeing, McDonnell Douglas, Lockheed and Airbus aircraft, and Pratt & Whitney, General Electric and Rolls Royce jet engines. Offering inventory management services, including purchasing services, repair management, warehouse management, aircraft disassembly dis·as·sem·ble v. dis·as·sem·bled, dis·as·sem·bling, dis·as·sem·bles v.tr. To take apart: disassemble a toaster. v.intr. 1. services and consignment and leasing of aircraft spare parts, Aviation Sales Co. is a leader in Total Inventory Solutions designed to meet the diverse needs of its customers. Dixie Bearings Inc. is a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Bearings Inc. (NYSE:BER (1) (Basic Encoding Rules) A set of encoding rules for ASN.1 notation, which is a method for defining data structures. See ASN.1. (2) (Bit Error Rate) The average number of bits transmitted in error. See BERT. 1. ). Headquartered in Cleveland, Bearings Inc. is the nation's leading independent distributor of industrial maintenance, repair and operations Maintenance management or Maintenance, (MRO'), is fixing any sort of mechanical or electrical device should it become out of order or broken (repair) as well as performing the routine actions which keep the device in working order (maintenance) or prevent trouble (MRO MRO In currencies, this is the abbreviation for the Mauritanian Ouguiya. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. ) and original equipment manufacturing (OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and ) components. With more than 330 branches, seven distribution centers, and 28 industrial rubber, fluid power and machine service shops in 42 states across the U.S., Bearings Inc. operates under the names Bearings Inc., Bruening Bearings Inc., Dees Fluid Power, Dixie Bearings Inc., Engineered Sales Inc., King Bearing Inc. and Mainline Industrial Distributors Inc. The company recorded over $1.1 billion in sales for its fiscal year ended June 30, 1996. Bearings Inc. can be visited via the Internet at http://www.bearingsinc.com. Effective Jan. 1, 1997, the company will change its name to Applied Industrial Technologies in recognition of the breadth and depth of its product offering and expertise. -0- NOTE TO EDITORS: In the World Wide Web address noted in this news release, there is a double slash between http: and www.bearingsinc.com. These symbols may not appear properly in some systems. CONTACT: Aviation Sales Co., Miami Dale S. Baker, Chairman and Chief Executive Officer, 305/599-6619 or Joseph E. Civiletto, Chief Financial Officer 305/599-6693 or Bearings Inc., Cleveland John R. Whitten, Chief Financial Officer 216/881-8900, ext. 245 or Darlene Scarpaci, Director of Marketing Communication 216/881-8900, ext. 488 |
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