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
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
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.
SOURCE AVEOS FLEET PERFORMANCE INC.
For further information:
Daniela Pizzuto, APR