Former ACE Holdings subsidiary ACTS plans to formally take on a new name effective 23 September, formally dubbing itself Aveos.
The maintenance, repair and overhaul company's full legal name will become Aveos Fleet Performance Inc., and it marks the final shift away from Air Canada owner ACE.
ACE in October 2007 completed the sale of a 70% stake in ACTs to equity firms Sageview Capital and Kohlberg Kravis Roberts.
In an update to employees ACTS CEO Chahram Bolouri explains the first part of the company's new name Av represents the company's roots in aviation and Eos means new beginnings.
ACTS subsidiary Aeroman based in El Salavador will use the Aveos logo and "all future acquisitions will either adopt the Aveos name and brand or retain their own names if their equity is strong while integrating into Aveos' visual identity", says Bolouri.
In July ACTS said it was temporarily laying off 650 employees as carriers unveiled plans to slash capacity and shed aircraft to sustain their businesses to combat spiking oil prices.
Those decisions are resulting in deferred maintenance and ACTS had to adjust its staff accordingly.
Air Canada remains one of ACTS' largest customers and in June said it planned to cut its system capacity by 7% and eliminate 2,000 jobs.
Source: Air Transport Intelligence news
