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VSE using sale proceeds of $21 million for debt paydown
Chicago, Jan. 30 – VSE Corp. will receive $21 million in cash from the sale of its Prime Turbines, LLC business to PTB Holdings USA, LLC and plans to use the proceeds from the sale to “pay down debt and reinvest in our aviation business growth efforts,” according to John Cuomo, president and chief executive officer of VSE.
Prime Turbines comprised approximately 4% of VSE’s estimated revenues for 2019, according to a company press release.
With the divesture, VSE’s Aviation Group will no longer offer turboprop engine repair, maintenance and overhaul services.
VSE is a diversified logistics and services company based in Alexandria, Va.
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