Air Transport Services Group, (NASDAQ:ATSG) continues to trade higher in pre-market trading on Thursday .
GA Telesis and Air Transport Services Group Announce Joint Venture to Build U.S.-Based Specialized Procedures Aeroengine Hospital (SPAH)
- announced that it has entered into a joint venture agreement with Air Transport Services Group, Inc. (NASDAQ:ATSG), a leading provider of aircraft leasing and air cargo transportation and related services, to build a GA Telesis Specialized Procedures Aeroengine Hospital (“SPAH”) in the Central or Midwest of the United States. The SPAH will be capable of inducting more than 200 engines per year.
- While the specific location is under evaluation, consideration will be given to a centralized location in the United States with a strong interstate and airport network.
- The grand opening of GA Telesis’ first SPAH in Helsinki, Finland is scheduled for June 13, 2021. The SPAH in Helsinki includes a state-of-the-art integrated test cell capable of producing 100,000 lbs of thrust. The US-based SPAH is projected to be operational in Q1 of 2022 with full FAA approvals and is similarly evaluating proposals for the design, construction, and location of a state-of-the-art test cell projected to produce up to 100,000 lbs of thrust.
“Prior to completion of our SPAH in Helsinki, we have had overwhelming demand for maintenance slots from our global customers,” said Russell Shelton, President of the Engine Strategy Group at GA Telesis, LLC. “This strategic partnership with ATSG will deliver a one-of-a-kind resource to jet engine owners and operators in North and South America, and the test cell will be a game-changer,” he added.
Market Action
As of 8:52, ATSG is trading at $24.54 up by .12%. So far more than 350 shares have exchanged hands.
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