The combined company, to be traded on the Nasdaq stock exchange, ostensibly will have a pro forma enterprise value of $974 million.

MRO services accounted for nearly 60% of job losses in the total Canadian aerospace industry during between 2019 and 2020.

The companies initially worked together on 3D-woven composite blades for CFM International’s Leap airliner engines

The backstop agreement provides that an affiliate of AEI will buy up to 7.5 million shares of GigCapital stock at $10 apiece.

The U.S. aerospace and defense industry has been on a decades-long march of moving its work away from the two coasts and out of the northern part of the country toward the southern half.

The move comes as GE Aviation Engine Services Singapore prepares to hire 300 new staff in 2022 to get ready for the expected post-pandemic recovery in the Asia-Pacific region.

Boeing plans to slow production of militarized 737 aircraft to 12 per year from 18 beginning in April as demand for the P-8A Poseidon slows and other military versions have not been ordered.

Embraer CEO Francisco Gomes Neto said that the E175’s status as the only scope-compliant large regional jet “still in production today” ensures it will continue to sell heavily to airlines in the U.S. over the next 10 years.