VSE Corporation Announces Agreement to Divest Prime Turbines Subsidiary for $21M
VSE Corporation (VSEC)
US:NASDAQ Investor Relations:
ir.vsecorp.com
Company Research
Source: Business Wire
Aviation Group to Focus on Component/Accessory Repair and Parts Distribution ALEXANDRIA, Va.--(BUSINESS WIRE)--VSE Corporation (NASDAQ: VSEC) a leading provider of distribution and repair services for land, sea and air transportation assets in the public and private sectors, today announced that it has entered into a definitive agreement to sell its subsidiary Prime Turbines, LLC to PTB Holdings USA, LLC for $21 million in cash, subject to customary adjustments. The transaction is expected to close during the first quarter 2020.With this divestiture, VSE’s Aviation Group will no longer offer turboprop engine repair, maintenance, and overhaul services, as management reallocates resources toward the Company’s higher-growth component/accessory repair and parts distribution businesses. Prime Turbines has approximately 60 employees with primary operations in Texas and Arizona and comprises approximately 4% of VSE’s estimated revenue for 2019.“PTB is a respected leader in the engine refu
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