Jazz Aviation LP concludes sale of London facility
Aug. 30, 2013, Halifax - Jazz Aviation LP, today announced that it has completed the sale of its London, Ont. hangar and office facility to Fanshawe College for $3.85 million in cash.
This transaction follows Jazz's previously announced decision to consolidate its London and Halifax heavy maintenance bases in Halifax following a comprehensive review of its heavy maintenance requirements. In addition, the divestiture of the London, Ont. hangar and office facility is consistent with the Company's overall strategy, which is focused on strengthening Jazz's competitive position by improving efficiencies and operating economics.
"As we continue to execute our strategy, the consolidation of our London and Halifax operations allows Jazz to better manage costs and improve operating efficiencies, which are key aspects of Jazz's long-term success," stated Joseph Randell, president/CEO, Jazz Aviation LP. "We are excited about Jazz's future and ability to drive long-term growth. We remain committed to prudently managing our financial resources and enhancing value for all our stakeholders."
In response to the changes occurring in the regional airline industry, Jazz has made significant progress in enhancing its operations and headquarters facilities in Halifax to reduce costs, increase productivity and simplify its business. The transformation of the operations centre to better support Jazz's maintenance and system operations control centre functions, and the amalgamation of three different locations into one headquarters building continue to deliver positive benefits and returns. This improvement will help strengthen the fundamentals of the business to effectively respond and compete in ever-changing markets.