| April 25, 2003
Sabreliner Corp. today announced that it has sold its Premier Turbines division to Dallas Airmotive, Inc., part of BBA Aviation Services Group. Terms were not disclosed.
"This is the first step in our strategic plan to concentrate the future growth of Sabreliner and its Midcoast Aviation subsidiary in their longstanding areas of expertise: airframe maintenance, modifications, completions and related services," said F. Holmes Lamoreux, chairman and CEO of Sabreliner.
"We are proud to have created an engine company that was sought after. Selling it creates opportunities to invest more of our resources in the airframe business. We plan to expand in two ways: first, with innovative programs that generate more business from current customers - both aircraft operators and major manufacturers of corporate and government aircraft - and second, by attracting new customers. We will pursue both avenues with continuing dedication to service excellence," Lamoreux said.
"In support of our customers, we have entered an agreement with Dallas Airmotive to perform engine inspection, overhaul and repair services for most aircraft served by Midcoast. This allows us to offer seamless airframe and engine services to our Midcoast customers. The agreement includes complete TFE731 support, including CZI and heavy maintenance," explained Jack L. Vaughn, Sabreliner vice president, corporate aviation marketing and corporate communications.
"As always, our customer is really the decision maker on who will provide his engine service, but we are confident that most will find Dallas Airmotive support advantageous," Vaughn noted.
"Quite simply, we have decided to concentrate primarily on the major portion of our business - airframe support - while forging a strong service relationship with Dallas Airmotive, a leading specialist in engine support," Vaughn explained. "We are confident our future focus on airframe service is best for our customers and employees."
Premier Turbines grew out of Sabreliner's 1992 purchase of the Neosho, Mo, engine operations of Teledyne. In 1996, Sabreliner acquired a TFE731 heavy maintenance and CZI license for the Neosho operation and renamed the engine services at all its locations "Premier Turbines." In 11 years of ownership, Sabreliner has significantly increased revenues of the Neosho engine operation and developed a fast-growing TFE731 MPI business at its Midcoast St. Louis Downtown Airport facility.
The Premier Turbines sale includes the Neosho operation and the TFE731 MPI shop at St. Louis Downtown Airport. Sabreliner retains its other engine services at its Perryville location and the Midcoast engine line services, as well as the former Premier Turbines accessories and components operation in Independence, Kan.
Sabreliner Corp. is a diversified aviation service, maintenance and modification firm serving a wide variety of government and corporate aircraft. With the sale of Premier Turbines, Sabreliner and its Midcoast subsidiary have annualized sales of $175 million and more than 1,000 employees at nine facilities in three states.
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