USAIR GROUP SELLS GENERAL AVIATION SUBSIDIARIES TO PIEDMONT HOLDING, INC.
USAIR GROUP SELLS GENERAL AVIATION SUBSIDIARIES TO PIEDMONT HOLDING, INC. ARLINGTON, Va., July 17 /PRNewswire/ -- USAir Group (NYSE: U) has sold three subsidiaries -- Piedmont Aviation Services, Inc., Air Service, Inc., and Aviation Supply Corp. -- to Piedmont Holding, Inc., a North Carolina corporation. Known collectively as the General Aviation Group, the three subsidiaries will remain in Winston-Salem, N.C., Greensboro, N.C., and Atlanta, respectively. "The focus of USAir Group will be on scheduled airline service," said USAir Chairman and Chief Executive Officer Seth E. Schofield. "Our resources of management time and capital will remain concentrated on the operations of USAir, the principal subsidiary of USAir Group, as well as our four regional airline subsidiaries." Included in the General Aviation Group are six fixed based operations in North Carolina and Virginia that provide general aviation services, a major aircraft repair and overhaul operation in Winston-Salem, and an aviation parts distribution operation. Last year, USAir sold the assets of PS Airmotive, a San Diego- based engine repair and overhaul subsidiary that was acquired through the 1999 acquisition of Pacific Southwest Airlines. Piedmont Holding, Inc., was formed by Valley Air Services, Inc., a company headquartered in Altoona, Pa. Valley Air Services has been in business since 1984, and is a fixed base operator in Phillipsburg, Pa., Dublin, Va., and Morgantown W.Va. -0- 7/17/92 R /CONTACT: Larry Pickett of USAir, 703-359-3016, or Ted Brant of Piedmont Holding, Inc., 814-941-4300/ (U) CO: USAir Group; Piedmont Holding, Inc.; Air Service, Inc.; Aviation Supply Corp. ST: Virginia, North Carolina, Pennsylvania IN: AIR SU:
MH -- DC003 -- 0193 07/17/92 11:15 EDT
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|Date:||Jul 17, 1992|
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