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EADS, Vector Aerospace in takeover talks

Europe’s biggest aerospace manufacturer is in exclusive talks to take over Toronto-based repair and maintenance company Vector Aerospace Corp. (RNO-T)

Vector said in a news release Thursday it has entered into an exclusivity agreement with EADS NV, the European consortium that makes the Airbus commercial jetliner.

Vector said late last year it had sought expressions of interest from several potential buyers as part of a “review of strategic alternatives.”

The company said Thursday that a special committee of the board of directors received several non-binding expressions of interest and decided to enter exclusive talks with EADS.

Vector, which employs about 2,500 at facilities in Canada, the United States, Britain and Africa, provides services to both commercial and military customers for a wide array of gas turbine engines, components and helicopter airframes.

EADS also confirmed it is in exclusive talks with Vector. CTV Two CTV News CTV News Channel BNN - Business News Network CP24