SATS Ltd. has announced that its wholly owned subsidiary, Worldwide Flight Services Inc. (WFS), has sold Maytag Aircraft LLC (Maytag) to Albion River LLC for an enterprise value of $46 million.
Maytag provides aircraft fueling services, air terminal and ground handling services, and base operations support exclusively to the U.S. Department of Defense in the United States and overseas. Maytag operates on a standalone basis and outside of the group’s core businesses and competencies.
The sale of Maytag is in line with SATS’ strategy, following the acquisition of WFS, to streamline operations, deliver synergies and strengthen its balance sheet.
Manfred Seah, CFO of SATS Ltd., said, “This divestment is part of our efforts to rationalize our portfolio to concentrate on core businesses that have a strategic fit for the group, focusing on high-value segments that will drive sustainable growth. We are committed to developing scalable and profitable solutions for our customers that will deliver increased value across the expanded network. The group’s financial priorities remain to repay debt, reinvest in the business, and resume dividend distribution to our shareholders.”
