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Signature Aviation sells engine repair unit to StandardAero for $230m
StockMarketWire.com
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Aviation services group Signature Aviation said it had agreed to sell its engine repair and overhaul business to StandardAero for $230 million.
The business had reported underlying operating earnings for the year through December 2019 of $29.1 million net of support costs.
Its gross assets at the end of 2019 were $358.1 million.
The business had been classified as held for sale following a strategic review in 2018.
Signature Aviation said the sale was expected to deliver gross proceeds of about $140 million of net proceeds subject to tax recovery.
The fund would be used consistent a capital allocation policy, to manage net debt to underlying earnings with a target range of 2.5-to-3.0 times.
'We are committed to delivering long-term sustainable value for shareholders and this sale focuses us on Signature Aviation our strong cash generative business,' chief executive Mark Johnstone said.
Story provided by StockMarketWire.com
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