News Australia's Quickstep to acquire Boeing MRO facility

Test7

Experienced member
Staff member
Administrator
Messages
4,390
Reaction score
17,321
Nation of residence
United States of America
Nation of origin
Turkey
Australia composite specialist Quickstep Holdings has reached an agreement with Boeing Defence Australia (BDA) to acquire its aerospace maintenance, repair, and overhaul (MRO) facility in Tullamarine, near Melbourne airport.

Quickstep said on 13 November that under the terms of the asset purchase agreement its wholly owned subsidiary Quickstep Aerospace Services will acquire the operating assets, inventories, and certain customer contracts from Boeing Australia Component Repairs (BACR) for AUD2.64 million (USD1.91 million) in cash.

Under the agreement, Quickstep said that an unidentified Australian bank has committed to fund the acquisition as part of a refinancing package for Quickstep’s existing long-term loan.

Australia’s Quickstep has agreed to acquire Boeing’s MRO facility near Melbourne airport as part of an effort to expand its market share on programmes including the Lockheed Martin F-35 fighter aircraft. (Australian Department of Defence)

Australia’s Quickstep has agreed to acquire Boeing’s MRO facility near Melbourne airport as part of an effort to expand its market share on programmes including the Lockheed Martin F-35 fighter aircraft. (Australian Department of Defence)

The transaction is expected to be completed by the end of 2020 and is subject to Quickstep obtaining necessary regulatory approvals related to the operation of the facility. Quickstep said it anticipates that its acquisition will register accretive earnings per share within two years.

Quickstep said the acquisition will expand its capabilities in MRO. The company plans to also leverage BACR’s existing relationships and capabilities to broaden the scope of related work offered to include Lockheed Martin F-35 and other military and commercial work.

The acquisition would also support plans to deepen the industrial partnership between Quickstep and BDA. Quickstep said it has agreed to start talks with BDA on a long-term partnership to collaborate on military and commercial aerospace projects.

 

Indos

Contributor
Think Tank Analyst
Messages
902
Reaction score
1,174
Nation of residence
Indonesia
Nation of origin
Indonesia
Boeing under financial difficulties currently, actually all large aerospace companies are under intense pressure due to pandemic economic effect. They will likely to streamline their business to survive.

This condition then should become an opportunity for smaller aerospace companies to get more market share in the future as small aerospace company has smaller employee and only target niche market that make them financially more healthy under this circumstances, thus has better possibility retaining their workforce and even, for some companies, hiring engineers coming from large aerospace companies who get lay off/or just want to come back which are essential for their future program and growth.

Indonesia aerospace for instant doesnt lay off any employees this year, alhamdulillah, and even hires many highly experience Indonesian engineers who has come back from western aerospace companies.
 
Last edited:
Top Bottom