Limco-Piedmont Inc. Announces Limco-Airepair, Inc. Relocation
February 09 2009 - 9:05AM
PR Newswire (US)
TULSA, Okla., Feb. 9 /PRNewswire-FirstCall/ -- Limco-Piedmont Inc.
(NASDAQ:LIMC) today announced that it will relocate the operations
of its Tulsa, Oklahoma based subsidiary, Limco-Airepair, Inc., to
the location of its Piedmont Aviation Component Services, Inc.,
subsidiary in Kernersville, North Carolina. This decision follows
months of study regarding streamlining the Company's operations.
Dr. Shmuel Fledel, the Company's Chairman of the Board, commented,
"It was determined that the Company could achieve substantial cost
savings by consolidating its two MRO operations into one location.
Both locations were studied, but the North Carolina location proved
to be the most viable." The Company anticipates closing its Tulsa
operations by the end of June 2009 which will reduce its workforce
by approximately 12%. Based on analysis done to date, the Company
expects to achieve annual savings of approximately $500,000
following the completion of the relocation and to recognize
approximately $2.4 million in pre-tax costs which will be partially
offset by the anticipated sale of the Company's Tulsa building and
land and certain other assets. About Limco-Piedmont Inc.
Limco-Piedmont Inc. provides maintenance, repair and overhaul, or
MRO, services and parts supply services to the aerospace industry.
Limco-Piedmont's Federal Aviation Administration certified repair
stations provide aircraft component MRO services for airlines, air
cargo carriers, maintenance service centers and the military.
Limco-Piedmont specializes in MRO services for components of
aircraft, such as heat transfer components, auxiliary power units,
propellers, landing gear and pneumatic ducting. In conjunction with
Limco-Piedmont's MRO services, Limco-Piedmont is also an original
equipment manufacturer of heat transfer equipment for airplane
manufacturers and other related products. Limco-Piedmont's parts
services division offers inventory management and parts services
for commercial, regional and charter airlines and business aircraft
owners Safe Harbor for Forward-Looking Statements This press
release contains forward-looking statements that are subject to
risks and uncertainties. The forward-looking statements relate to
the planned relocation of our Tulsa, Oklahoma operations and
include our current estimate of the timing and cost of those
activities, as well as the expected expense savings resulting from
the activities. These forward-looking statements involve risks and
uncertainties that could cause our results to differ materially
from management's current expectations. Such risk and uncertainties
include, but are not limited to, the risk of additional costs and
delays and the risk that we are not able to realize the savings
expected from the activities. In addition, other risks that we face
in running our operations include, but are not limited to, general
business conditions in the airline industry, changes in demand for
our services and products, the timing and amount or cancellation of
orders, the price and continuity of supply of component parts used
in our operations, and other risks detailed from time to time in
Limco-Piedmont's filings with the Securities Exchange Commission,
including its Annual Report on Form 10-K and its Quarterly Report
on Form 10-Q. These documents contain and identify other important
factors that could cause actual results to differ materially from
those contained in our projections or forward-looking statements.
Stockholders and other readers are cautioned not to place undue
reliance on these forward-looking statements, which speak only as
of the date on which they are made. We undertake no obligation to
update publicly or revise any forward-looking statement.
DATASOURCE: Limco-Piedmont Inc. CONTACT: Bob Koch, Co-Chief
Executive Officer of Limco-Piedmont Inc., +1-918-445-4300
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