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!