Singapore Technologies Engineering’s (ST Engineering) Vision Technologies Aerospace (VT Aerospace) has made a successful bid for Pemco World Air Services and certain assets including the Boeing 737 freighter conversion supplemental type certificates. The company paid $49.7 million at a bankruptcy auction, a price that includes VT Aerospace’s assuming liabilities estimated at $6.2 million. A spokesman for the company declined to detail the specifics of the liabilities.
The acquisition is contingent upon approval of the sale by the U.S. Bankruptcy Court in the District of Delaware. Subject to regulatory approvals and customary conditions, the acquisition is anticipated to close in July.
The spokesman said VT Aerospace will take over the existing Pemco 320,000-sq-ft facility on Florida’s Tampa International Airport, consisting of both hangar and office space. “We’ll be focusing on [single-aisle] heavy maintenance work,” he told AIN. “The facility is capable of providing maintenance, modification and engineering services for a wide range of [single-aisle] aircraft and has an overall annual capacity for about 1.4 million man-hours.” It is expected to start operations immediately after the deal closes.