British-based firm A J Walter Aviation said it has signed a deal to buy the component repair business of insolvent aircraft maintenance firm Aveos Fleet Performance.
AJW said it will establish the Montreal facility as its new global headquarters for the maintenance, repair and overhaul of aircraft components.
Terms were not disclosed, but AJW said it worked closely with stakeholders to come up with a "business structure that is both fair and commercially competitive." In a statement, AJW president Christopher Whiteside said: "We plan to safeguard an outstanding facility and talent base that will take fresh heart from AJW's entrepreneurial ethos. Our team has been working with the chief restructuring officer and monitor, the machinist union and the Quebec government for several weeks to secure unequivocal support for our bid."
Aveos terminated about 2,600 jobs across the country, including 1,800 in Montreal, when it closed its operations in March.
Aveos was once Air Canada's technical services division but was later spun off as a separate company.
