Timco Aviation Services has purchased the assets that were used by Pemco World Air Services in its former aircraft maintenance, repair and overhaul operation at Cincinnati-Northern Kentucky International Airport. The company has also signed a lease agreement for the hangar previously occupied by Pemco and will use the facility to expand the existing base of business there serving regional aircraft operators.
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.