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Hong Kong Aircraft Engineering Company Limited (Chinese: 香港飛機工程公司), better known as HAECO (港機工程), is an aircraft engineering and maintenance group.

Hong Kong Aircraft Engineering Company Limited
香港飛機工程公司
Private
IndustryAerospace
Founded23 November 1950
Headquarters
Area served
Hong Kong, United States, China, Singapore
Key people
Chairman: Merlin Swire, CEO: Augustus Tang
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/

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). [3] In 2017, it performed 9.3 million manhours of airframe maintenance in Hong Kong, Mainland China and the USA.[3]

HistoryEdit

OriginsEdit

In 1950, Pacific Air Maintenance and Supply Company merged with Jardine Air Maintenance Company to form Hong Kong Aircraft Engineering Company (“HAECO”).[4]

Acquistion of TIMCO and global expansionEdit

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.[5] The acquisition provided HAECO with new access to the North American market and expanded the company’s narrow body and regional aircraft service offerings.[6] 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.[7]

New corporate identity launchedEdit

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.[8]

Swire Pacific privatizes HAECOEdit

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.[4]

See alsoEdit

ReferencesEdit

  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. Retrieved 2018-06-24.
  3. ^ a b [https://www.haeco.com/HAECO/media/HAECO/download/investor-relations/List-of-Documents/(007)-Swire-Pacific-2017-Annual-Report-(Eng).pdf "Swire Pacific Annual Report 2017", Swire Pacific
  4. ^ a b [https://www.swire.com/ourjourney/tablet/en/index.php "Our Journey", Swire
  5. ^ "HAECO acquires TIMCO in stock purchase deal", Air Cargo World, October 24, 2013
  6. ^ "HAECO Acquisition Of TIMCO All About Growth", MRO-Network.com, October 26, 2013
  7. ^ "TIMCO takes name of new owner: Haeco", Greensboro News & Record, October 23, 2014
  8. ^ [https://www.mro-network.com/maintenance-repair-overhaul/timco-taeco-renamed-haeco "TIMCO & TAECO Renamed HAECO", MRO-Network.com, October 22, 2014

External linksEdit