As we look back and reflect upon 2014, STS Component Solutions once again can recognize and be proud of the various milestones that we have achieved. These milestones, which we continually achieve year after year, are a direct result of our forward-looking strategy and the ability to capitalize on the pipeline of opportunities that we encounter.
When you look at each of these milestones, there are recurring themes. These themes are driven by global expansion, product diversification and value-driven solutions.
In 2014, we once again touched on each of these core strategies as STS Component Solutions recorded record revenue levels in all of our business units, launched a new business segment and acquired a proven brand name entity recognized for OEM Distribution and manufacturing.
In the 1st quarter of 2014, we further expanded our business focus in Eastern Europe and Russia by establishing a strategic inventory location in Estonia with our partner Magnetic MRO (formerly known as Air Maintenance Estonia). This inventory represented our second inventory location in Europe to support our European, Middle Eastern and African customers.
Additionally in the 1st quarter, we closed on two PW 4056 engines as a means to expand our engine product offering and portfolio. This further solidified STSCS as a key player in the engine and aircraft acquisition market.
In the 2nd quarter of 2014, we worked with one of our primary OEM Business Partners and developed a support and service platform focused on providing B787 Operators with AOG & Warranty Administration support in three global locations. STSCS established global stocking locations in U.S., Europe & Asia to support B787 Operators on Flight Deck Control Panels. This not only launched STSCS into the B787 market but enabled us to establish a foundation to build upon worldwide to support B787 OEM’s and airline operators.
In the 3rd quarter of 2014, we established a new global location in Turkey, which is an emerging market for aviation. Furthermore, we launched a new business segment for our Powerplant Team by introducing our Ground Power Business opening an office in South Florida for our Powerplant Team. These two milestones provided us with a larger footprint in our European business and a synergistic opportunity to expand on our success in the Powerplant industry by diversifying into the Aeroderivative markets. We were very fortunate to assemble a team of proven industry professionals with a strong and successful background in each of these business segments.
As most companies may have been winding down their businesses activities in the 4th quarter of 2014, STSCS found itself extremely busy working on new opportunities that it had identified throughout the year. During this quarter, we closed on four different airline inventory consignment programs, established two VMI programs with airlines, closed on a large inventory package of over 20,000 line items with a major airline moreover closed on the acquisition of the Air-Pro Hose business. We were also very proud to receive “Distributor of the Year Award” from Esterline Korry for 2014.
For many companies, the milestones achieved in Q4 would make a great year, but for STSCS, it was ending 2014 with a sprint to the finish line and establishing an excellent foundation to build upon for 2015 as we integrate these projects and acquisition into our business model.
So as I reflect on 2014, we can be proud of all of the milestones achieved and stated herein. However, there are so many other storylines that are not captured, but should be recognized. STSCS not only recorded record revenue numbers in excess of $75M but also expanded all of our business segments including our OEM Business Segment that recorded record growth and expansion and is now widely recognized as being a “Hybrid” OEM Business Partner that has provided a proven track record of growth and value-driven solutions.
So the stage is now set for 2015 as we carry the momentum of not only the 4th Quarter of 2014, but all of the milestones and story lines that we here at STSCS make happen every day! Stay tuned and do not miss a beat as no moss grows under our feet here at STSCS!