HAECO

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Hong Kong Aircraft Engineering Company Limited
香港飛機工程公司
TypePrivate
IndustryAerospace
Founded23 November 1950; 70 years ago (1950-11-23)
Headquarters
Area served
Hong Kong, United States, China, Singapore
Key people
Chairman: Merlin Swire, CEO: Frank Walschot
ServicesAirframe maintenance, line maintenance, engine overhaul, component and avionics overhaul, inventory and fleet technical management
RevenueIncrease HK$14,546 million (2017)[1]
Decrease -HK$209 million (2017)[1]
Total assetsDecrease HK$14,035 million (2017)[1]
Total equityDecrease HK$7,185 million (2017)[1]
Number of employees
16,641 (2017)[2]
ParentSwire Pacific Limited
Websitewww.haeco.com/
Hong Kong Aircraft Engineering Company Limited
Traditional Chinese香港飛機工程公司
Simplified Chinese香港飞机工程公司
HAECO
Traditional Chinese港機工程
Simplified Chinese港机工程

Hong Kong Aircraft Engineering Company Limited (HAECO), is an aircraft engineering and maintenance group. Its head office is on the grounds of Hong Kong International Airport.[3]

Established in 1950, the HAECO Group consists of 18 subsidiaries and affiliates, employing about 17,000 staff in Hong Kong, Mainland China, Singapore and the United States.

Its primary activities are aircraft maintenance and modification work in Hong Kong (by HAECO Hong Kong), in Xiamen (by HAECO Xiamen) and in the USA (by HAECO Americas).[4] In 2017, it performed 9.3 million manhours of airframe maintenance in Hong Kong, Mainland China and the USA.[4]

History[edit]

Origins[edit]

In 1950, Pacific Air Maintenance and Supply Company merged with Jardine Air Maintenance Company to form Hong Kong Aircraft Engineering Company (“HAECO”).[5]

Acquisition of TIMCO and global expansion[edit]

In February 2014, HAECO acquired TIMCO Aviation Services based in Greensboro, North Carolina, one of the largest independent commercial jet MRO service providers in the world, for $388.8 million through a stock purchase agreement.[6] The acquisition provided HAECO with new access to the North American market and expanded the company's narrow body and regional aircraft service offerings.[7] Initially TIMCO kept its name and management as a wholly owned subsidiary of HAECO, but it was ultimately rebranded as HAECO Americas in October 2014.[8]

New corporate identity launched[edit]

By 2014, HAECO's expansive portfolio of aircraft engineering and maintenance businesses had grown to 18 individually branded subsidiaries and joint venture companies. To help stakeholders better understand the group company's capabilities, HAECO launched a new, singular corporate identity to rebrand all of its subsidiaries and joint ventures under its name of HAECO. The rebrand also included a new logo to be used on HAECO hangars and uniforms worldwide.[9]

Swire Pacific privatizes HAECO[edit]

In 2018, HAECO became a wholly owned subsidiary of Swire Pacific by way of having its minority shareholders‘ stakes bought out for $382 million. Prior to privatization, Swire Pacific had owned approximately 75% of the shares in HAECO.[5]

See also[edit]

References[edit]

  1. ^ a b c d "Hong Kong Aircraft Engineering Company Limited Annual Report 2017" (PDF). p. 66. Retrieved 2018-06-24.
  2. ^ "Hong Kong Aircraft Engineering Company Limited Annual Report 2017" (PDF). p. 57. Archived from the original (PDF) on 2018-06-23. Retrieved 2018-06-24.
  3. ^ "Location Map". HAECO. Retrieved 2020-03-08. Hong Kong Aircraft Engineering Co. Ltd. (HAECO Group) 80 South Perimeter Road Hong Kong International Airport Lantau, Hong Kong
  4. ^ a b "Swire Pacific Annual Report 2017", Swire Pacific
  5. ^ a b "Our Journey", Swire
  6. ^ "HAECO acquires TIMCO in stock purchase deal", Air Cargo World, October 24, 2013
  7. ^ "HAECO Acquisition Of TIMCO All About Growth", MRO-Network.com, October 26, 2013
  8. ^ "TIMCO takes name of new owner: Haeco", Greensboro News & Record, October 23, 2014
  9. ^ "TIMCO & TAECO Renamed HAECO", MRO-Network.com, October 22, 2014

External links[edit]