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Monday, July 9, 2001 For Immediate Release RELIANCE AEROTECH INC. ANNOUNCES ACQUISITION OF CELSIUS AEROTECH INC. FROM SAAB AB Nashville, TN – Reliance Aerotech Inc. today announced its acquisition of Celsius Aerotech Inc. of Nashville, Tennessee from Celsius Inc., a wholly owned subsidiary of SAAB AB of Sweden, adding to its existing operations that include Reliance Aerotech Services Inc., Reliance Aerotech Atlantic Inc. and Reliance Aerotech Canada Inc. With the new acquisition, Team Reliance has more than 300,000 square feet of hanger, administrative and operations facilities and over 500 employees, growing Reliance Aerotech's position as a leader in North America among the independent maintenance, repair, and overhaul (MRO) organizations serving the regional commercial and business aviation markets, two of the fastest growing market segments within the air transportation industry. In making the announcement, Glynn Williams, Chairman and Chief Executive Officer of Reliance Aerotech Inc. stated, "Celsius Aerotech has earned an outstanding reputation for quality among regional carriers. By integrating their facilities and highly skilled workforce into Team Reliance, we can better serve our customers by offering greater scheduling flexibility, reduced cycle times, and competitive pricing without compromise". Christer Persson, Celsius Inc.'s President and Chief Executive Officer stated that Reliance Aerotech is the ideal organization to acquire Celsius Aerotech. "We are pleased to sell Celsius Aerotech to the Reliance Group," Persson said of the announcement. "This will allow Celsius Aerotech to continue to provide excellent services to the aviation industry. Together with their complementary operations in Myrtle Beach, Team Reliance can provide the expanded capacity and scope of operations that regional commercial operators require today to service their rapidly growing aircraft fleets". John McBryan, Vice President of Technical Services at Atlantic Southeast Airlines welcomed Reliance Aerotech's acquisition of Celsius Aerotech. "ASA has long considered Celsius the quality leader among regional MRO providers," said McBryan. "As the leading edge of Team Reliance, this new company has the expanded capacity to serve our growing aircraft fleet while ensuring ASA's commitment to safety and reliability is met. With more than six million enplanements and a fleet of almost 120 modern aircraft, ASA's vision of being the best regional airline is dependent upon technical teams of the highest standards." The commercial MRO market is projected to reach almost $36 billion
worldwide by 2004. Within the industry, the regional commercial aviation
market is experiencing explosive growth. Regional airlines in the
United States currently carry more than 12 per cent of all domestic
passengers and regional passenger traffic is projected to increase
by as much as 40 per cent over the next five years. To accommodate
this growth within the US, there are currently 1,255 regional jets
on order. At present there are nearly 2,200 aircraft in the US regional
fleet. |
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