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Exchange Income Corporation has announced its subsidiary, Provincial Aerospace, has been awarded a five-year In-Service Support contract with an existing Middle East client.
This contract is expected to generate additional revenues of in excess of $150 million over the five years.
“We are delighted to be able to expand our operations in the Middle East and look forward to continued growth in the region. From a strategic perspective, Provincial Aerospace’s provisioning of In-Service Support to clients in Canada and throughout the world is a great fit with our strategy of maximizing return on previously invested capital as the In-Service Support program does not require significant new capital,” said Mike Pyle, CEO of Exchange Income Corporation.
Provincial Aerospace has been working in the Middle East since 2008 and signed its first In-Service Support contract in the region in 2012.
This latest contract expands on the company’s existing operations in the UAE and demonstrates the company’s core-competency in the provisioning of world class In-Service Support.
This In-Service Support contract provides for the continuation of existing services and a major expansion of performance based logistics support including repair and overhaul of components, aircraft / system maintenance, and training.
Provincial Aerospace Ltd. is headquartered in St. John’s, Nfld. and operates three distinct businesses: Provincial Aerospace, Provincial Airlines and PAL Aviation Services.
Exchange Income Corporation is a diversified acquisition-oriented company, focused in two sectors: aviation and manufacturing.
