CAE Concludes Acquisition of Leading Business Jet Training Company, Simuflite Training International Inc.
(Source : CAE, Inc. ; issued Jan. 2, 2002)
TORONTO---CAE announced that on December 31, 2001, it concluded the purchase of the world's second largest provider of business aviation training, SimuFlite Training International Inc. ("SimuFlite"), having obtained all necessary regulatory approvals.
The new company, based in Dallas, Texas, will be part of CAE's Commercial Simulation and Training Division and will be named CAE SimuFlite.
CAE announced on December 18, 2001, that it had signed a definitive agreement with GE Capital Commercial Equipment Financing to acquire 100% of the shares of SimuFlite, including its three training facilities in Dallas, Texas, and Marietta, Georgia, for US$247 million (approximately C$390 million).
The SimuFlite transaction represents CAE's second major flight training acquisition this fiscal year. In August, CAE concluded the acquisition of Schreiner Aviation Training of the Netherlands. The SimuFlite and Schreiner acquisitions, combined with CAE's own global network of aviation training facilities, will enable CAE to have in operation an installed base in excess of 75 full flight simulators next year.
CAE is a global leader in the provision of simulation and control technologies and training solutions for aerospace, defence and marine markets. Headquartered in Canada, CAE employs more than 7,000 people around the world and generates annual revenues in excess of C$1 billion.