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Air Canada to do maintenance on US planes.
Weren’t these guys bankrupt all last year? Now ACE Aviation Holdings, Air Canada’s parent company, are the number three largest maintenance, repair and overhaul operators in the world. They just won a lucrative $1.5 billion deal with the newly merged US Air-American West airline. In addition, Air Canada are investing $95 million into US Air-American West, giving then a 7% ownership of the newly merged company.
Air Canada has certainly been productive in the past few months. The technical unit of ACE Aviation Holdings is expected to see $1 billion in revenue this year alone. While the company as a whole still lost $77 million this quarter, that number is down from a $304 million first quarter loss last year. Air Canada can claim to be the only North American airline to see improved results this quarter. Go team Canada!