Photo courtesy of Vector Aerospace
Vector Aerospace is officially part of StandardAero. Airbus said Friday it has finalized the acquisition, which had been announced in July.
“We are excited to join forces with the Vector team in becoming one of the largest maintenance, repair and overhaul companies in the world,” said Russell Ford, CEO of StandardAero. “Our combined organizations are better positioned to provide the industry with more global services, expanded maintenance, repair and overhaul capabilities and operational benefits to deliver faster, higher quality solutions to our combined customers worldwide.”
The two companies are to merge under the “StandardAero” name, Airbus said. Annual revenues for the new firm, according to Airbus, is $3 billion. It has more than 42 locations across five continents.
With the acquisition, StandardAero becomes a giant in its field. It is owned by the private equity firm Veritas Capital, which acquired the company two years ago for a reported price of $2.1 billion. StandardAero, before the acquisition, employed more than 3,500 in a dozen major facilities in North America, Europe, Asia and Australia, and had 13 more regional service and support centers. Its services include maintenance, repair and overhaul for rotorcraft and aircraft engines, auxiliary power units and components, major airframe alterations and other services, FAA-authorized avionics capabilities, comprehensive engineering services, custom exterior and interior aircraft design, completion and paint.