{"id":11205,"date":"2022-08-24T06:03:00","date_gmt":"2022-08-24T06:03:00","guid":{"rendered":"https:\/\/www.prnasia.com\/story\/archive\/3851878_AE51878_0"},"modified":"2022-08-24T06:03:00","modified_gmt":"2022-08-24T06:03:00","slug":"precision-aviation-group-inc-enters-into-a-definitive-agreement-to-acquire-ptb-group","status":"publish","type":"post","link":"https:\/\/transmediavictoria.net.au\/?p=11205","title":{"rendered":"Precision Aviation Group, Inc. enters into a definitive agreement to acquire PTB Group"},"content":{"rendered":"\n\n\n
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ATLANTA<\/span>, Aug. 23, 2022<\/span> \/PRNewswire\/ — Atlanta<\/span>-based Precision Aviation Group, Inc. (PAG), a leading provider of products and value-added services to the aerospace and defense industries, announces that they have entered into a definitive agreement to acquire PTB Group (PTB). <\/p>\n

\"Pacific<\/a>
Pacific Turbine employees working on an engine.<\/span> <\/div>\n

PTB provides maintenance, repair, and overhaul services (MRO) on Pratt & Whitney PT6 and Honeywell TPE331 engines, leases engines and airframes, and provides aviation supply chain services. PTB is made up of the following entities: Pacific Turbine USA<\/span> Group (a\/k\/a Prime Turbines) with locations in Texas<\/span>, Arizona<\/span>, Florida<\/span>, and Pennsylvania<\/span>, Pacific Turbine Brisbane and Pacific Turbine Leasing, both in Brisbane, Australia<\/span> and International Air Parts located in Sydney<\/span>, Australia. The agreement is subject to shareholder approval and is currently scheduled to close in the 4th<\/sup> quarter of 2022.<\/p>\n

“We are excited about adding PTB to the Precision Aviation Group of Companies. The addition of PTB increases PAG’s repair stations to 20 worldwide, expands our Engine Services Division with the addition of the PT6 and TPE331 engines, and significantly enlarges our Supply Chain Services business. Stephen Smith<\/span> and his team \u2013 like PAG \u2013 are focused on exceptional customer service and exceeding customer expectations \u2013 we look forward to this partnership,” said David Mast<\/span>, President and CEO of PAG.<\/p>\n

Stephen Smith<\/span>, PTB’s Managing Director and CEO said, “We are pleased to be entering into this binding transaction with PAG and believe they will be a good future owner of the Company who will be committed to continuing to expand our products and services and ensuring continued opportunities for our workforce of approximately 150 people. PAG has a shared vision with PTB, and I see an exciting future ahead.”<\/p>\n

About Precision Aviation Group<\/b> <\/p>\n

PAG is a leading provider of products and value-added services to the aerospace and defense industry worldwide. With 16 Repair Stations globally, and over 650,000-square-feet of sales and service facilities. PAG uses its distinct business units and customer-focused business model to serve aviation customers through two business functions \u2013 Aviation Supply Chain \u2013 and its trademarked Inventory Supported Maintenance, Repair and Overhaul (ISMRO\u00ae). PAG provides MRO and Supply Chain Solutions for Fixed and Rotary-wing aircraft. PAG subsidiaries have MRO and manufacturing capabilities on over 150,000 products focused on 4 verticals \u2013 Avionics, Components, Engines and Sub-Assembly\/DER\/Manufacturing Services. (www.precisionaviationgroup.com<\/a>). PAG is owned by global investment firm GenNx360 (www.gennx360.com<\/a>).<\/p>\n

About PTB Group<\/b> <\/p>\n

PTB Group is an ASX listed aviation company which provides the following services globally:<\/p>\n