VT Aerospace has made a successful bid for Pemco World Air Services' aerospace maintenance facility in Tampa, Florida and other assets for a purchase consideration of $49.7 million in a bankruptcy auction.
The acquisition includes the supplemental type certificates for Boeing 737 freighter conversions. VT Aerospace is the aerospace arm of ST Engineering, which announced the acquisition today.
VT Aerospace will also assume an estimated $6.2 million in selected liabilities under the acquisition, says ST Engineering. The acquisition is expected to close in July, pending approval from the US bankruptcy court during a hearing on 12 June and from regulatory agencies. ST Engineering says that the facility would open immediately after the bid closes, held under a "newly incorporated entity, wholly owned by VT Aerospace".
Pemco announced on 5 March that it had filed for Chapter 11 bankruptcy protection.
The 29,729m2 (320,000ft2) MRO facility is located at the Tampa International Airport and includes hangar and office space. Pemco started operating in Tampa in 2008, when it moved into a hangar that was previously occupied by US Airways. In 2010, it expanded to another hangar vacated by Delta Air Lines. This expansion doubled Pemco's hangar capacity to accommodate between 10 to 12 narrowbody aircraft, or up to six widebodies.
ST Engineering says it will use the Tampa facility to develop its MRO business in the Americas, which it cites as a key growth market. VT Aerospace owns two other facilities in Mobile, Alabama and San Antonio, Texas, which together employ about 2,700.
ST Engineering is the parent company of Virginia-based VT Systems, whose holding company VT Aerospace made the acquisition.