Phoenix Aerospace to pass on Aveos acquisition
June 1, 2012, Montreal - Phoenix Aerospace has decided not to go ahead with its project of acquiring parts of Aveos' assets in the wake of the latter's surprising closure several weeks ago.
June 1, 2012 By Carey Fredericks
This decision was made yesterday by PhoenixAerospace's president, Serge Prévost, following a special meeting with his company's steering committee. Despite an extension of the submission deadline offered by Toronto's FTI Consultants, Phoenix Aerospace will not be bidding.
"Even with the additional time offered to potential bidders, the procedure appears to be too restrictive for Phoenix Aerospace's business model, and presents a number of uncertainties," said Prévost following his steering committee's meeting.
The company's President also announced that they have decided to favour an expansion project worth tens of millions of dollars in heavy maintenance and MRO services for major airlines. This is a project that Phoenix Aerospace has been developing for some 15 months; started well before Aveos' closure, the project was put on hold in order to properly evaluate the acquisition of all or part of Aveos' assets.
Prévost is confident that in the near future, this expansion project will allow Phoenix Aerospace to call on specialized workers laid off from Aveos; Phoenix Aerospace's primary objective is to keep this talent and expertise in Montreal, thus benefitting a strong and distinctive local economy, and maintaining the area's prestigious global reputation as a centre of excellence in the aerospace industry.