Post by Dave Homewood on Dec 10, 2006 22:25:33 GMT 12
www.stuff.co.nz/stuff/0,2106,3893641a13,00.html
Pacific Aerospace receives undisclosed cash injection09 December 2006
By MARY ANN GILL
Waikato aircraft manufacturer Pacific Aerospace has received an undisclosed cash injection.
Mystery surrounds details of the deal, understood to have been brokered last month.
But papers filed this week at the Companies Office show Jonathan Bowen and Joshua Camp, two men associated with Auckland-based helicopter specialists Oceania Aviation, together with aviation expert Patrick McLaughlan, have taken a controlling investment.
The deal comes 15 months after Pacific Aerospace Corporation, based at Hamilton Airport, laid off up to 45 staff after an American buyer reneged on a deal to buy 12 planes worth $24 million.
Former chief executive Brian Hare, who retains a million of the 5.5 million shares in the company that now owns Pacific Aerospace, would look after sales and marketing, board chairman Jim Smellie said.
Damian Camp, chief executive of Otago biotechnology company Orico, will take over as chief executive next month. His experience includes establishing Equine Fertility Services, a Hamilton business that develops and provides advanced assisted fertility treatments for performance horses.
Mr Smellie was formerly Northland Port Company general manager and is now employed by the port part-time as a consultant. Other shareholders include Auckland-based Ian Duff and Preston Camp.
Mr Smellie said it would be business as usual at Pacific Aerospace. "We will continue to employ all the staff on the same terms and conditions."
One of Mr Camp's and the board's first tasks would be sorting out the organisation's structure and strategic direction.
Pacific Aerospace has struggled through lack of capital before. Mr Hare bailed out the 47-year-old company in 1995 when it was on the brink of failure.
Two years ago, Pacific Aerospace signed a joint venture deal to build aircraft worth $112 million over three years.
The deal, with Montreal-based company Megachrome, meant Pacific Aerospace was able to increase production of its Pac 750XL plane.
Pacific Aerospace receives undisclosed cash injection09 December 2006
By MARY ANN GILL
Waikato aircraft manufacturer Pacific Aerospace has received an undisclosed cash injection.
Mystery surrounds details of the deal, understood to have been brokered last month.
But papers filed this week at the Companies Office show Jonathan Bowen and Joshua Camp, two men associated with Auckland-based helicopter specialists Oceania Aviation, together with aviation expert Patrick McLaughlan, have taken a controlling investment.
The deal comes 15 months after Pacific Aerospace Corporation, based at Hamilton Airport, laid off up to 45 staff after an American buyer reneged on a deal to buy 12 planes worth $24 million.
Former chief executive Brian Hare, who retains a million of the 5.5 million shares in the company that now owns Pacific Aerospace, would look after sales and marketing, board chairman Jim Smellie said.
Damian Camp, chief executive of Otago biotechnology company Orico, will take over as chief executive next month. His experience includes establishing Equine Fertility Services, a Hamilton business that develops and provides advanced assisted fertility treatments for performance horses.
Mr Smellie was formerly Northland Port Company general manager and is now employed by the port part-time as a consultant. Other shareholders include Auckland-based Ian Duff and Preston Camp.
Mr Smellie said it would be business as usual at Pacific Aerospace. "We will continue to employ all the staff on the same terms and conditions."
One of Mr Camp's and the board's first tasks would be sorting out the organisation's structure and strategic direction.
Pacific Aerospace has struggled through lack of capital before. Mr Hare bailed out the 47-year-old company in 1995 when it was on the brink of failure.
Two years ago, Pacific Aerospace signed a joint venture deal to build aircraft worth $112 million over three years.
The deal, with Montreal-based company Megachrome, meant Pacific Aerospace was able to increase production of its Pac 750XL plane.
