Hong Kong Aircraft Engineering : Philippine Airlines Selects HAECO ITM For V2533 Engine Component Support

9 May 2018

Philippine Airlines Selects HAECO ITM For V2533 Engine Component Support

HAECO ITM Limited ('HAECO ITM'), a member of the HAECO Group, announced today that it has entered into a long-term agreement with Philippine Airlines, Inc. ('PAL') to provide engine component support.

The scope of the agreement includes access to HAECO ITM's component pool, component exchange, component repair management, component engineering and aircraft-on-ground (AOG) support for PAL's International Aero Engines IAE V2533 engines on its Airbus A321 fleet. With HAECO ITM's expertise in component engineering and provisioning of spares with guaranteed service levels, PAL will benefit from high component reliability and operational efficiency.

Daniel Stromski, Executive General Manager of HAECO ITM, said: 'We are very pleased to welcome Philippine Airlines as our new customer. This agreement underpins HAECO ITM's strategic position in the Asia Pacific region. With our extensive inventory located at Hong Kong International Airport, we are able to provide customers across Asia Pacific with quality service and local support. We are looking forward to supporting PAL's A321s and further strengthening this relationship in the future.'

William G. Tan, Vice President, Corporate Logistics and Services of PAL said: 'It was imperative that we choose a partner who not only exemplifies professionalism, but also creates a niche in the MRO industry and most importantly, represents the highest quality standards in terms of technical management of our fleet. HAECO ITM is recognised for its technical expertise and operational efficiency. Its strategic location guarantees a quick turnaround time and AOG support. The forging of this partnership with HAECO ITM will open the door for possible future programmes. We thank HAECO ITM in advance for its support of PAL and PAL Express to help us sustain and eventually surpass our 4-Star Skytrax rating - a mark of excellence that demonstrates the high premium we place on safety and airworthiness for the benefit of the riding public.'

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About Hong Kong Aircraft Engineering Company Limited ('HAECO Group')
The HAECO Group is one of the world's leading aircraft engineering and maintenance service providers. The Group provides a comprehensive range of services encompassing Airframe Services, Line Services, Cabin Solutions, Private Jet Solutions, Fleet Technical Management, Inventory Technical Management, Component Overhaul, Aerostructure Repairs, Landing Gear Services, Engine Services, Parts Manufacturing and Technical Training. The HAECO Group consists of 17 subsidiaries and affiliates, employing around 17,000 staff in Hong Kong, Mainland China, Singapore and the United States. The HAECO Group is publicly listed on the Hong Kong Stock Exchange (Stock Code: 00044). HAECO Group's website: www.haeco.com

About HAECO ITM Limited ('HAECO ITM')
A joint venture formed in Hong Kong between HAECO and Cathay Pacific Airways in 2012, HAECO ITM provides services ranging from flexible inventory pooling options, Power-By-The-Hour support services and repair management to ad-hoc loans, exchanges and world-wide AOG support. With extensive component engineering and airline operating experience and strong in-house repair capabilities, HAECO ITM offers customised, innovative and cost effective component management solutions with guaranteed service level and high quality component maintenance at competitive cost, ensuring customer fleet performance and technical dispatch reliability whilst providing cost visibility.

About Philippine Airlines, Inc. ('PAL')
Philippine Airlines is the national flag carrier of the Philippines. It has been the dominant air carrier in the country being the only one to offer full-service, which has set the standards in airline service for more than seven decades. It continues to offer globally competitive service by offering new products and expanding new routes. Philippine Airlines has recently been certified with a 4-star rating by Skytrax, the London-based international air transport rating organisation. Philippine Airlines, joining 40 other well-renowned airlines in this prestigious category, is the first and only airline in the Philippines to have a 4-star rating.