Hong Kong Aircraft Engineering Company Limited (HAECO) is an aircraft engineering and maintenance group. Its head office is on the grounds of Hong Kong International Airport.[3]

This article relies excessively on references to primary sources. (July 2019)

Hong Kong Aircraft Engineering Company Limited
香港飛機工程公司

Type	Private
Industry	Aerospace
Founded	23 November 1950; 71 years ago (1950-11-23)
Headquarters	Hong Kong International Airport Hong Kong
Area served	Hong Kong, United States, China, Singapore
Key people	Chairman: Merlin Swire, CEO: Frank Walschot
Services	Airframe maintenance, line maintenance, engine overhaul, component and avionics overhaul, inventory and fleet technical management
Revenue	HK$14,546 million (2017)[1]
Operating income	-HK$209 million (2017)[1]
Total assets	HK$14,035 million (2017)[1]
Total equity	HK$7,185 million (2017)[1]
Number of employees	16,641 (2017)[2]
Parent	Swire Pacific Limited
Website	www.haeco.com/

Established in 1950, the HAECO Group consists of 18 subsidiaries and affiliates, employing about 17,000 staff in Hong Kong, Mainland China, Singapore and the United States.

Its primary activities are aircraft maintenance and modification work in Hong Kong (by HAECO Hong Kong), in Xiamen (by HAECO Xiamen) and in the US (by HAECO Americas).[4] In 2017, it performed 9.3 million manhours of airframe maintenance in Hong Kong, Mainland China and the USA.[4]

History

Origins

In 1950, Pacific Air Maintenance and Supply Company merged with Jardine Air Maintenance Company to form Hong Kong Aircraft Engineering Company (“HAECO”).[5]

Acquisition of TIMCO and global expansion

In February 2014, HAECO acquired TIMCO Aviation Services based in Greensboro, North Carolina, one of the largest independent commercial jet MRO service providers in the world, for $388.8 million through a stock purchase agreement.[6] The acquisition provided HAECO with new access to the North American market and expanded the company's narrow body and regional aircraft service offerings.[7] Initially TIMCO kept its name and management as a wholly owned subsidiary of HAECO, but it was ultimately rebranded as HAECO Americas in October 2014.[8]

New corporate identity launched

By 2014, HAECO's expansive portfolio of aircraft engineering and maintenance businesses had grown to 18 individually branded subsidiaries and joint venture companies. To help stakeholders better understand the group company's capabilities, HAECO launched a new, singular corporate identity to rebrand all of its subsidiaries and joint ventures under its name of HAECO. The rebrand also included a new logo to be used on HAECO hangars and uniforms worldwide.[9]

Swire Pacific privatizes HAECO

In 2018, HAECO became a wholly owned subsidiary of Swire Pacific by way of having its minority shareholders‘ stakes bought out for $382 million. Prior to privatization, Swire Pacific had owned approximately 75% of the shares in HAECO.[5]

See also

• Aircraft Maintenance and Engineering Corporation - another aircraft maintenance company headquartered in Beijing, China

References

External links

• HAECO Group Website