Halifax, Nova Scotia-based IMP Group has increased its stake in Canadian maintenance specialist Vector Aerospace, which has embarked on restructuring that includes selling its fixed-wing aircraft repair and overhaul business. Toronto-based Vector last month thwarted a bid to elect new directors backed by rival Northstar Aerospace.
Vector's fixed-wing business includes engine maintenance specialists Atlantic Turbines in Prince Edward Island and Sigma Aerospace in the UK, as well as a small operation in California. The company plans to focus on the helicopter market, and its Acro Aerospace engine overhaul unit in Vancouver and Helipro group on airframe maintenance operations in Canada and the USA.
Late last month, IMP, which has commercial and military aircraft service and support businesses, bought an additional 4.38% of Vector, taking its stake to 14.36%, but said it was not planning a takeover. Toronto-based Northstar, formerly Derlan Industries, owns less than 10%. Shareholders backed by Northstar tried to get new directors elected at Vector's annual meeting in May, but were defeated.
Vanguard Aviation is to amalgamate with Saturn Ventures and Neptune Capital.Source: Flight International
