March 30, 2016 – It has been officially confirmed that the sale of aircraft interiors manufacturer AIM Altitude to Chinese multinational aviation company, AVIC International, is on track to complete within the next 45 days.
The binding purchase agreement governing the transaction was signed in November 2015, with the transaction subject to customary regulatory approvals. The relevant competition authorities have since approved the transaction, together with the parent company of AVIC International, and the final forms necessary for the relevant Chinese regulatory approvals were filed on Monday, March 21.
AIM Altitude will become a wholly owned subsidiary of AVIC and will continue to operate as it does today, supporting its existing and new airline customers in the Middle East, Europe and the Americas, as well as in China and Asia Pacific.
Andy Stevens, chairman of AIM Altitude said, “The combination with AVIC will enhance AIM Altitude’s strengths, and will position the company as a true competitor in the cabin interiors market.”
During TowerBrook’s ownership, AIM Altitude has strengthened its relationship with Boeing and Airbus, and with major global airlines including Emirates and Qatar Airways. The acquisition of Altitude from Air New Zealand in 2014 helped position AIM Altitude as a key partner for Boeing’s 777 aircraft, while the relationship with Airbus was strengthened further through work on new Airbus long-range platforms.
The transaction is subject to regulatory approval and is expected to complete within 45 days, following receipt of all internal and regulatory approvals.
