|Traded as||SEHK: 0044|
|Founded||23 November 1950|
|Area served||Hong Kong, China, Singapore, USA|
|Key people||Chairman: John Slosar|
|Services||Airframe maintenance, line maintenance, engine overhaul, component and avionics overhaul, inventory and fleet technical management|
|Operating income||HKD 228 million (2013)|
|Net income||HKD 625 million (2013)|
|Parent||Swire Pacific Limited, John Swire & Sons Limited|
Hong Kong Aircraft Engineering Company Limited (Chinese: 香港飛機工程有限公司), better known as HAECO (港機工程), (SEHK: 0044, OTC Pink: HKAEY). Established in Hong Kong in 1950, HAECO is one of the world’s leading independent aircraft engineering and maintenance groups. It is one of the largest Maintenance, Repair and Overhaul (MRO) service providers in terms of capacity.
The HAECO Group consists of 18 subsidiaries and affiliates, employing over 17,000 staff in Hong Kong, Mainland China, Singapore and the USA. In 2012, HAECO was awarded the “Leading Independent Organisation” by Aviation Week and voted as the “Best Airframe MRO Provider – Asia” at the Aircraft Technology Engineering & Maintenance Awards.
HAECO's roots predate the company's official establishment, reaching back to the years immediately following World War II when the Swire Group identified the aviation industry as an area of great potential. With no experience in aviation but every confidence in the expert engineering skills gained in the Taikoo Dockyard, Swire formed the Pacific Air Maintenance & Supply Company (PAMAS), which would later merge with Jardine Air Maintenance (JAMCo) to become HAECO in November 1950.
1950s - 1960s
In its first decade of operation, HAECO trebled its turnover and workforce. The company's offerings grew as it introduced overhaul services for turboprop aircraft and built its first engine test bed.
Highlighting its success, HAECO was floated on the Hong Kong stock market in 1965. Meanwhile, capacity development continued. By 1965, HAECO was fully equipped to service the Convair 880M introduced by Cathay Pacific Airways, and in 1968 the company began the construction of Asia's largest aircraft maintenance hangar.
In the 70s, the era of the jumbo jet brought more changes. HAECO broadened its capabilities to encompass a range of wide-body aircraft and jet engine types, such as the L1011 TriStar series equipped with Rolls-Royce RB211 engines. The company became an official member of the Swire Group when Swire Pacific increased its shareholding to 51% in 1975.
HAECO's high standards and rapid turnaround times on major overhaul contracts saw an increasing amount of business from international airlines, including its first aircraft conversion, upgrading a L1011-1 Tristar to a L1011-150.
The 90s saw the formation of HAECO's joint ventures, including TAECO in Xiamen, and HAESL in Hong Kong. In 1998, HAECO transferred to a brand new HK$1.4 billion facility at the then-new Hong Kong International Airport (HKIA) in Chek Lap Kok.
HAECO opened its second hangar at HKIA and began work on its third. It also opened additional MRO and component facilities in Singapore and Bahrain as well as in Xiamen and Jinjiang, China. In Xiamen, TAECO performed its first Boeing 747-200 passenger to all-freighter conversion, and in 2005 converted the world's first 747-400 Boeing Converted Freighter for Cathay Pacific Airways.
On 23 October 2013, HAECO announced the Group would acquire TIMCO Aviation Services for $388.8 million. The acquisition was completed on 7 February 2014, adding North American MRO airframe, line services, engine overhaul and cabin solutions to its portfolio. Additional operations were also launched in Hong Kong, Beijing, Shanghai, Chengdu, Tianjin, Nanjing and Chongqing.
HAECO is one of the world’s leading aeronautical engineering groups providing a comprehensive range of services encompassing:
- Airframe Maintenance
- Cabin Reconfiguration / Integration Services
- Cabin Completion Centre / Design Engineering
- Component Services
- Engine Overhaul
- Fleet Technical Management
- Freighter Conversion
- Inventory Technical Management
- Line Maintenance
- Parts Manufacturing
- Technical Training
- HAECO ITM Limited : 70%
- Hong Kong Aero Engine Services Limited (HAESL) : 45%
- Goodrich Asia-Pacific Limited : 49%
- Taikoo (Xiamen) Aircraft Engineering Co Ltd (TAECO) : 58.55%
- Goodrich TAECO Aeronautical Systems (Xiamen) Co Ltd (Goodrich TAECO) : 35%
- Honeywell TAECO Aerospace (Xiamen) Co Ltd (Honeywell TAECO) : 25%
- Taikoo (Xiamen) Landing Gear Services Co Ltd (TALSCO) : 63.80%
- Taikoo Engine Services (Xiamen) Co Ltd (TEXL) : 67.58%
- Taikoo Spirit AeroSystems (Jinjiang) Composite Co Ltd (Taikoo Spirit) : 41.8%
- Dunlop Taikoo (Jinjiang) Aircraft Tyres Co Ltd (Dunlop Taikoo) : 28%
- Taikoo (Shandong) Aircraft Engineering Co Ltd (STAECO) : 30%
- Sichuan Aircraft Maintenance Engineering Co Ltd (SMECO) : 11.43%
- Shanghai Taikoo Aircraft Engineering Services Co Ltd (Shanghai Taikoo) : 60%
- HAECO Americas (previously TIMCO Aviation Services) : 100%
- HAECO Private Jet Solutions : 90.01%
- Singapore HAECO Pte. Ltd : 100%
- Singapore Aero Engine Services Pte. Ltd (SAESL) : 20%
- "HAECO - History". Retrieved 22 October 2014.
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