PR Newswire
24 Aug 2022, 11:33 GMT+10
ATLANTA, Aug. 23, 2022 /PRNewswire/ -- Atlanta-based Precision Aviation Group, Inc. (PAG), a leading provider of products and value-added services to the aerospace and defense industries, announces that they have entered into a definitive agreement to acquire PTB Group (PTB).
PTB provides maintenance, repair, and overhaul services (MRO) on Pratt & Whitney PT6 and Honeywell TPE331 engines, leases engines and airframes, and provides aviation supply chain services. PTB is made up of the following entities: Pacific Turbine USA Group (a/k/a Prime Turbines) with locations in Texas, Arizona, Florida, and Pennsylvania, Pacific Turbine Brisbane and Pacific Turbine Leasing, both in Brisbane, Australia and International Air Parts located in Sydney, Australia. The agreement is subject to shareholder approval and is currently scheduled to close in the 4th quarter of 2022.
"We are excited about adding PTB to the Precision Aviation Group of Companies. The addition of PTB increases PAG's repair stations to 20 worldwide, expands our Engine Services Division with the addition of the PT6 and TPE331 engines, and significantly enlarges our Supply Chain Services business. Stephen Smith and his team - like PAG - are focused on exceptional customer service and exceeding customer expectations - we look forward to this partnership," said David Mast, President and CEO of PAG.
Stephen Smith, PTB's Managing Director and CEO said, "We are pleased to be entering into this binding transaction with PAG and believe they will be a good future owner of the Company who will be committed to continuing to expand our products and services and ensuring continued opportunities for our workforce of approximately 150 people. PAG has a shared vision with PTB, and I see an exciting future ahead."
PAG is a leading provider of products and value-added services to the aerospace and defense industry worldwide. With 16 Repair Stations globally, and over 650,000-square-feet of sales and service facilities. PAG uses its distinct business units and customer-focused business model to serve aviation customers through two business functions - Aviation Supply Chain - and its trademarked Inventory Supported Maintenance, Repair and Overhaul (ISMRO). PAG provides MRO and Supply Chain Solutions for Fixed and Rotary-wing aircraft. PAG subsidiaries have MRO and manufacturing capabilities on over 150,000 products focused on 4 verticals - Avionics, Components, Engines and Sub-Assembly/DER/Manufacturing Services. (www.precisionaviationgroup.com). PAG is owned by global investment firm GenNx360 (www.gennx360.com).
PTB Group is an ASX listed aviation company which provides the following services globally:
PTB Group employees over 150 personnel and has a diverse customer base throughout the world including Australia, North and South America, Asia and the Pacific Islands. (www.pacifcturbine.com.au) and (www.primeturbines.com).
Photo - https://mma.prnewswire.com/media/1883269/Pacific_Turbine_45_Retouched.jpg
Logo - https://mma.prnewswire.com/media/1515200/Precision_Aviation_Group_Logo.jpg
SOURCE Precision Aviation Group
Get a daily dose of Asia Pacific Star news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Asia Pacific Star.
More InformationMANILA, Philippines - In a dramatic move, the International Criminal Court on Tuesday arrested the former president of the Philippines,...
BENTONVILLE, Arkansas: Walmart is pressuring some Chinese suppliers to cut prices in response to President Donald Trump's imposed U.S....
NEW DELHI, India: The United States is pressing India to lower tariffs and increase defense purchases to secure a stronger bilateral...
BEIJING, China: China has set an economic growth target of around five percent for 2025, signaling efforts to stabilize the economy...
New Delhi [India], March 11 (ANI): Sports Minister Mansukh Mandaviya on Tuesday felicitated the Indian women's team following their...
New Delhi [India], March 11 (ANI): The World Para Athletics Grand Prix 2025 officially commenced on Tuesday at the iconic Jawaharlal...
NEW YORK, New York - The freefall fn U.S. stocks continued Tuesday with all the major indices taking a hit durin g the bulk of the...
WASHINGTON, D.C.: The Trump administration announced this week that it will end collective bargaining rights for about 50,000 TSA officers...
BENTONVILLE, Arkansas: Walmart is pressuring some Chinese suppliers to cut prices in response to President Donald Trump's imposed U.S....
NEW DELHI, India: The United States is pressing India to lower tariffs and increase defense purchases to secure a stronger bilateral...
NEW YORK, New York - U.S. stocks plunged on Monday, joining a global rout which followed U.S. President Donald Trump not ruling out...
NEW YORK CITY, New York - The global foreign exchange market experienced notable shifts on Monday, influenced by escalating trade tensions...