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Friday, March 1, 2002 For Immediate Release RELIANCE AEROTECH ANNOUNCES ACQUISITION OF NASHVILLE OPERATIONS OF CELSIUS AEROTECH INC. BY EMBRAER Nashville, TN – Reliance Aerotech Inc. announced today that Embraer Aircraft Maintenance Services, Inc. has acquired the Nashville operating assets of Celsius Aerotech Inc., a wholly owned subsidiary of Reliance Aerotech, completing the transaction announced in January. Celsius Aerotech is widely regarded as a leader within the regional aviation maintenance, repair and overhaul industry. The Nashville operating assets will operate as Embraer Aircraft Maintenance Services, Inc., a wholly owned subsidiary of Embraer Aircraft Holding, Inc. Celsius Aerotech will continue to provide repair and overhaul services to the regional and corporate aviation markets through it's Furst Aircraft and Instrument division in Teterboro, New Jersey, regarded as one of North America's premier instrument repair and overhaul facilities that also purchases and sell excess aircraft inventories. In making the announcement, Glynn Williams, Chairman and CEO of Reliance Aerotech Inc. stated, "We are delighted to have a leading aerospace corporation such as Embraer acquire our Nashville operating assets. Embraer's commitment to continue to serve our current customers and add new customers through the incorporation of new facilities as required is a positive development for our employees, our valued customers and the City of Nashville." Mauricio Botelho, Embraer's President and CEO stated, "We are extremely pleased that the acquisition of the assets of Celsius Aerotech Inc, was completed on schedule. The new business allows us the opportunity to better serve our customers in the United States. The Nashville operation will expand the scope of our service offerings in support of the airline and corporate markets". Reliance Aerotech, through the Team Reliance group of companies, continues to operate Furst Aircraft and Instrument, a FAA/JAA certified repair station in Teterboro, NJ; Reliance Aerotech Atlantic Inc., a Class 3 FAR 145 repair station in Myrtle Beach, SC; Reliance Aerotech Services Inc., an aviation personnel services organization in Nashville, TN; as well as an aviation services management consulting and merchant banking practice in Toronto, Canada. Embraer Aircraft Maintenance Services, Inc. is a wholly owned indirect
subsidiary of Empresa Brasileira de Aeronautica S.A., of Brazil,
the world's fourth largest commercial aircraft manufacturer. |
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