Supplier of Aircraft Parts Takes Over Flightways
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Fields Aircraft Spares in Simi Valley has completed the acquisition of Flightways Manufacturing, a Van Nuys-based manufacturer of plastic replacement components for commercial aircraft seats and interiors.
The company purchased the outstanding shares of Flightways for $2.9 million in cash and retired $1.1 million of Flightways debt by refinancing it through Fields’ current bankers. The current management of Flightways will stay on to operate the Fields subsidiary.
Company President Alan Fields said the acquisition “provides us with a key entree into the manufacturing side of the aircraft-parts business.”
Fields said he expects Flightways to add about $1.5 million in sales during the first quarter.
Flightways, founded in 1991, has a customer list that includes most U.S. domestic airlines and many international carriers.
Fields, through subsidiaries Fields Aircraft Spares and Fields Aero Management, distributes aircraft cabin interior replacement products and is a broker for factory new parts used in commercial aircraft.
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