Aveos secures $50 million in financing
Funding earmarked for investment program
MONTREAL, Oct. 31, 2011 /CNW Telbec/ - Aveos announced that it has raised $50 million in financing from a diverse group of existing lenders and private bankers. The company will use the funding for investments in its world-class Component Solutions Centre, for operational enhancements to its inventory and procurement management systems, and to expand its engines capabilities.
"We presented our plans to various lenders over a year ago and we are very pleased with the outcome today," stated Peter Timotheatos, Aveos Chief Financial Officer. "It demonstrates a tremendous vote of confidence in the company's strategic direction and in the future of our business."
Lending institutions like Credit Suisse, HSBC Salvadoreño and Banco Agricola in El Salvador, and asset managers such as Solus Alternative Asset Management provided the bulk of the financing.
The 212,000 square foot Component Solutions Centre is one of the most advanced of its kind in North America, boasting state-of-the-art test and diagnostic equipment and the most extensive component maintenance capabilities for Airbus, Boeing, Bombardier, and Embraer.
Currently, Aveos engine capabilities include the CF56-5A/5Bs found on the Airbus A320/A321 and the Boeing 747/767's JT9Ds. The plan is to build up capabilities for the CF34-8 engines, which run on Embraer planes, and to evaluate possible investments in additional engine types.
Aveos is a full-service maintenance, repair and overhaul (MRO) provider of airframe, engine, component and maintenance solutions. From maintenance facilities across Canada and in El Salvador, we provide integrated service solutions to over 100 customers, while focusing on building a robust network of strategic alliances. Approximately 4,700 employees are committed to a tradition of providing world-class quality and expertise to customers across the Americas. To learn more, visit www.aveos.com.