Aviation Sales Company Acquires Aerocell Structures, Inc.MIAMI--(BUSINESS WIRE)--Sept. 30, 1997--Aviation Sales Company (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 today that it acquired Arkansas-based, Aerocell Structures, Inc. Under the terms of the merger agreement, Aviation Sales issued 620,970 shares of common stock in exchange for all of the outstanding stock of Aerocell. The transaction is valued at $18 million and will be accounted for as a pooling-of-interests. Aerocell, 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. headquartered in Hot Springs, specializes in the maintenance, repair and overhaul Maintenance, Repair and Overhaul or MRO is a multi-billion dollar industry which works on international authorization rules to deliver a safe airline operation and to assure reliability and availability of customer fleets. of airframe components, including bonded and structural assemblies for commercial aircraft. Aerocell is a licensed FAA repair agency with limited airframe ratings for flight controls, doors, fairing panels, nacelle nacelle (nəsĕl`): see airplane. systems and exhaust systems. Aerocell had revenues of $16.3 million for its fiscal year ended April 30, 1997. As part of the transaction, key members of Aerocell's management group signed long-term 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 Company, commented: "This acquisition represents an important step in enabling Aviation Sales to further provide Total Inventory Solutions for our customers. Aerocell's reputation for delivering the highest quality airframe component overhaul and repair in the industry is consistent with Aviation Sales' industry positioning and will extend our capabilities for providing value-added product management." Aviation Sales Company 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. 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 or 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. CONTACT: Aviation Sales Company, Miami Dale S. Baker, Chairman and Chief Executive Officer 305/599-6619 Joseph E. Civiletto, Chief Financial Officer 305/599-6693 Home Page: www.avsales.com Corporate News on the Net: www.businesswire.com/cnn/avs.htm or Morgen-Walke Associates June Filingeri/Jonathan Schaffer Media contact: Stan Froelich 212/850-5600 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion