Precision Standard Acquires Aviation Firm
Precision Standard Inc., a Stanton-based aviation equipment manufacturer, has acquired Monarch Aviation Inc., an aviation maintenance company, which was recently awarded a $17.2-million contract from the U.S. Navy to convert DC-9 commercial airliners into Navy cargo planes.
Under the acquisition agreement, Miami-based Monarch is now an operating division of Pemco Engineers, an wholly owned subsidiary of Precision Standard, and will be called the Pemco Maintenance and Modification Division.
Terms of the acquisition agreement have not been disclosed.
The new Pemco division will begin working on the first DC-9 conversion in August. The contract is expected to add 350 to 400 new employees to the division, a Pemco spokesman said.
Pemco Engineers went public in a reverse acquisition in February by P.R. Ink Inc, a publicly held corporation, which subsequently changed its name to Precision Standard.
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