321 Precision Conversions (“the Company”), a provider of Airbus A321-200PCF freighter conversions, today announced that Erickson Group Ltd., a global, diversified aviation and aerospace enterprise, has acquired full ownership of the Company through its wholly owned subsidiary, Precision Aircraft Solutions, LLC.
Per the terms of the transaction, Erickson has expanded its existing, majority stake in 321 Precision Conversions through the acquisition of Air Transport Services Group, Inc.’s (“ATSG”) minority stake in the Company held through its subsidiary, Cargo Aircraft Management, Inc.
Gary Warner, President of 321 Precision Conversions, said: “This is an important strategic milestone for the future of 321 Precision Conversions as it strengthens our commitment to delivering advanced freighter conversion solutions to global cargo operators.
“Full ownership under Erickson enables us to invest more boldly in our people, our partners, and the next generation of conversion programs. We thank ATSG for their support and collaboration over the years, and will continue to support them as a customer.”
Dylan Garner, President, Erickson Group, said: “We’re grateful to ATSG for their partnership and support in building the A321PCF program.
“We believe strongly in the platform, the team at 321 Precision Conversions, and the long-term demand for narrowbody freighters. We’re excited to build on this foundation and continue investing in the program’s next phase of growth.”
Todd France, Chief Commercial Officer, ATSG said: “ATSG has played an active role in the development and launch of the A321PCF program.
“We’re pleased to transition our interest in the program to Erickson, whose leadership will guide 321 Precision Conversions into its next phase. We look forward to continuing to market the A321 converted freighter as part of ATSG’s broader leasing portfolio.”