StandardAero has entered
into a definitive agreement to acquire PAS Technologies, a high
technology components provider, to expand its portfolio of
industry-leading MRO service offerings. Terms of the transaction
were not disclosed.
PAS specializes in
providing cost-effective OEM and MRO solutions for the aerospace,
oil and gas, and industrial gas turbine markets. By using innovative
and proprietary high-technology processes, along with solutions
licensed from OEMs, the company provides great value for customers
whose components are exposed to high wear, high heat and corrosive
environments.
The company’s highly
engineered, innovative products are known for advanced technology
and unsurpassed reliability.
“We are very
pleased to announce this strategic acquisition and we welcome all
PAS Technologies employees and customers to the StandardAero
family,” said Russell Ford,
CEO of StandardAero. “PAS will align with our current Components,
Helicopters & Accessories business division.”
“With the
addition of PAS, StandardAero will now be a key player with new make
manufacturing capabilities along with supporting the entire MRO
requirements across the full engine life cycle,” said
Rick Stine,
President of StandardAero Components, Helicopters & Accessories.
“This is a very
strategic fit and we are looking forward to working together to
support and expand partnerships with all of our OEMs and to offer
our customers a much broader range of capabilities and services,”
said Tom Hutton,
CEO of PAS Technologies.
PAS performs work
across a substantial installed base of engines including PW4000,
LM2500, F117, F110, F100, F414, V2500, CFM56 and its capabilities
include both manufacturing and a full suite of special processes.
The company leverages its special coating capabilities for new build
and aftermarket components to create a balanced business model
between manufacturing and repair services across a diverse range of
end markets.
The transaction is
expected to close within the next 60 days. |