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STEVENS AVIATION AND TURBO WEST TO MERGE

 GREENVILLE, S.C., Sept. 21 /PRNewswire/ -- Stevens Aviation Chairman Kurt Herwald and Turbo West President Chris Finnoff have reached an agreement for their companies to merge, whereby Turbo West will merge into Stevens Aviation. The announcement came today at a news conference at the National Business Aircraft Association show. The transaction is expected to be completed by year-end, subject to customary conditions and approvals.
 "The merger of our companies will enable us to offer our customers a broader array of services," said Herwald. "Both companies have devoted a considerable amount of resources into developing proprietary products for avionics and airframes covered by Supplemental Type Certificates. By combining forces, we expect to offer our customers more original, technically advanced products at very competitive prices."
 Said Finnoff: "There is tremendous synergism between Stevens and Turbo West. Together, we have greater technical strengths and resources to offer customers than we would have apart."
 Stevens and Turbo West are widely known as high-quality providers of technical services to the nation's corporate turbine fleet. Founded in 1950, Stevens is ranked in the top three aircraft services companies in the United States in both maintenance and avionics, and among the top five providers in paint and interior refurbishments. Stevens operates facilities in five cities: Greenville, S.C.; Nashville and Knoxville, Tenn.; and Dayton and Cincinnati, Ohio. The company is owned by NTC Group, a privately held conglomerate with interests in aviation services, textile manufacturing and industrial power transmission systems. With the merger with Turbo West, 86 percent of the corporate turbine fleet in the United States will now be within 750 miles of a Stevens Technical Services Division facility.
 Turbo West was founded by Finnoff in 1977 as a distributor for the Piper Cheyenne in the Rocky Mountain region. The company is a leading service provider for the Beech Aircraft and Piper Cheyenne fleets. The company is located at the Jefferson County Airport in Denver.
 The merged companies will have 1993 revenues in excess of $100 million and a combined employment of approximately 440 persons.
 "Turbo West has been an innovator in customer service and is the only aviation services company in the industry to run multiple shifts, as well as seven-days-a-week in the maintenance shops," said Finnoff. "We have been able to provide both faster, more responsive turnaround times and major maintenance on weekends for pilots and planes who fly during the week."
 Turbo West also owns Pratt & Whitney-authorized turbine shops so that the company can do hot sections during days, nights and weekends, coupled with its Engine Security Program, or engine trend monitoring, which the company pioneered. This program captures and analyzes data that is used to prevent engine failures. Since the program was developed jointly by Turbo West and engine manufacturer Pratt & Whitney, there have been no engine failures on any systems monitored.
 Finnoff will continue in a long-term relationship with Stevens, with management responsibility for the Turbo West operations. No immediate changes in staffing or operations are expected by Turbo West. Business and growth opportunities will dictate the expansion of the Turbo West staff, according to Herwald.
 -0- 9/21/93
 /CONTACT: Kurt Herwald, Chairman of Stevens Aviation, 803-879-6000, or 1-800-"FLY-STEVENS"/


CO: Stevens Aviation; Turbo West ST: South Carolina, Colorado IN: AIR SU: TNM

MM-SB -- CH003 -- 4171 09/21/93 12:37 EDT
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Publication:PR Newswire
Date:Sep 21, 1993
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