Wed, Oct 27, 2004
Elling Halvorson's Investment Group Acquires Soloy
Corporation
Elling Halvorson,
chairman of Papillon Airways, Inc., announced that he and a team of
investors composed of leading helicopter industry executives have
acquired Soloy Corporation of Olympia, Washington. "Soloy is a
great strategic fit for our portfolio, providing us with proven
leadership, a highly skilled and dedicated workforce, and the
ability to perform complex aircraft modifications," said
Halvorson.
"Soloy's experience in airframe design and Supplemental Type
Certificates makes them an excellent choice for performing a wide
range of upgrade programs."
The leadership of both parties approved the transaction and the
deal was finalized October 13, 2004. Terms of the acquisition
were not disclosed. Soloy LLC (Soloy) will operate as a stand
alone company and will remain located in Olympia, Washington.
Soloy Corporation was
founded by recognized aviation innovator Joe Soloy (pictured,
right) who sadly passed away earlier this year. Soloy
Corporation has developed aircraft power plant modifications and
installation applications for more than three decades. "Thanks to
the vision of Mr. Soloy and the hard work and creativity of a
dedicated team of employees, Soloy Corporation has secured more
than 49 Supplemental Type Certificates (STC's) in addition to
several 'experimental only' development efforts," said Soloy CEO
David Stauffer. "Our connection to this impressive group of
investors will give us the necessary leadership to continue to do
what we do best for years to come."
Soloy Corporation has been the developer of innovative aviation
products that offer alternatives to existing aircraft
designs. Significant in Soloy Corporation's many design
achievements is the development and FAR Part 33 certification of
the Soloy Dual Pac combining a gearbox that utilizes two Pratt
& Whitney Canada PT6D-114A turboprop engines for fixed wing
aircraft. Another of Soloy Dual Pac designs is the conversion of
the Bell 206L1, L3 and L-4's, that convert this aircraft to a
multi-engine helicopter configuration.
Soloy Corporation continues to provide engineering and
manufacturing services in support of the development of aviation
products. Soloy Corporation is an approved supplier to OEM's
such as Bell Helicopter and Raytheon. Current projects include the
installation of the LTS101-700D2 engine into the Eurocopter AS350B2
helicopter.
In addition to new development projects, Soloy will be
introducing improvements to the already proven Rolls-Royce turbine
powered Soloy Cessna 206.
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