MONTREAL, June 1, 2012 /CNW Telbec/ - Phoenix Aerospace Inc., a leading Montreal-based provider of heavy and light maintenance, has
decided not to go ahead with its project of acquiring parts of Aveos'
assets in the wake of the latter's surprising closure several weeks
ago. This decision was announced today by Phoenix Aerospace's
President, Serge Prévost, following a special meeting with his
company's steering committee. Despite an extension of the submission
deadline offered by Toronto's FTI Consultants, Phoenix Aerospace will
not be bidding.
"Even with the additional time offered to potential bidders, the
procedure appears to be too restrictive for Phoenix Aerospace's
business model, and presents a number of uncertainties," said Mr.
Prévost following his steering committee's meeting.
AN EXPANSION PROJET FAVOURED
The company's President also announced that they have decided to favour
an expansion project worth tens of millions of dollars in heavy maintenance and MRO services for major airlines. This is a
project that Phoenix Aerospace has been developing for some 15 months;
started well before Aveos' closure, the project was put on hold in
order to properly evaluate the acquisition of all or part of Aveos'
Mr. Prévost is confident that in the near future, this expansion project
will allow Phoenix Aerospace to call on specialized workers laid off
from Aveos; Phoenix Aerospace's primary objective is to keep this talent and expertise in Montreal,
thus benefitting a strong and distinctive local economy, and
maintaining the area's prestigious global reputation as a centre of
excellence in the aerospace industry.
About Phoenix Aerospace Inc.
Based in Dorval, Quebec, Phoenix Aerospace Inc is recognized as a leading provider of light and heavy aircraft
maintenance repair and overhaul (MRO). The company leverages leading
edge technology and research and development in service to airlines and
commercial and private fleet owners and operators. The company operates
in a business environment that embraces profitability, effectiveness
and efficiency in providing rapid services which, above all, fully
comply with stringent Canadian, American, and European standards and
regulations. Phoenix Aerospace also provides fleet maintenance as an
outsourcing service to various airlines.
SOURCE Phoenix Aerospace
For further information:
Serge Prévost, President
Phoenix Aerospace Inc.
514.875-7068 (direct line)
514.875-7060 (direct line)