Aviation Sales Co. to Acquire Assets of Kratz-Wilde.MIAMI--(BUSINESS WIRE)--Oct. 6, 1997--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 ) announced Monday that it has signed a definitive agreement to acquire the assets of Cincinnati-based Kratz-Wilde Machine Co. for approximately $42.5 million, payable in cash. The acquisition will be financed from existing bank lines of credit and is subject to certain conditions, including government approvals. Kratz-Wilde, a privately held company privately held company A firm whose shares are held within a relatively small circle of owners and are not traded publicly. , specializes in the manufacture of machined components primarily for jet engines, but also produces some automotive and faucet components. The company had revenues of approximately $24.6 million for its fiscal year ended Oct. 31, 1996. Kratz-Wilde operates 3 manufacturing facilities in the greater Cincinnati area and is a leading supplier of CFM56 and CF6 engine components to GE's Aircraft Engine business. As part of the transaction, key members of Kratz-Wilde's management group will sign employment agreements with Aviation Sales and will assume ongoing management of the company. Dale Baker, chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Aviation Sales commented: "This acquisition not only represents a significant expansion of our GE relationship but provides us with world-class precision manufacturing capabilities that will allow us to expand our relationship with other OEMs." The company said that it expects the combined results of Kratz-Wilde and the acquisition of Aerocell announced last week, net of one-time acquisition expense, will be slightly accretive to fourth-quarter earnings. Aviation Sales Co. 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 McDonnell Douglas was a major American aerospace manufacturer and defense contractor, producing a number of famous commercial and military aircraft. It merged with Boeing in 1997 to form The Boeing Company. , Lockheed and Airbus aircraft, and Pratt & Whitney, General Electric and Rolls Royce Rolls Royce the millionaire’s vehicle. [Trademarks: Brewer Dictionary, 928] See : Luxury 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. This press release contains forward-looking statements which involve risks and uncertainties. The company's actual results could differ materially from the results anticipated herein. For further information, please see the company's Annual Report of Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the 1996 fiscal year. -0- NOTE TO EDITORS: In the World Wide Web address noted in this news release, there is a double slash between http: and www.avsales.com and between http: and www.businesswire.com/cnn/avs.htm. This symbol 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 Home Page Address: http://www.avsales.com Corporate News on the Net: http://www.businesswire.com/cnn/avs.htm or Morgen-Walke Associates June Filingeri/Jonathan Schaffer Media Contact: Stan Froelich 212/850-5600 |
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