McDonnell Douglas Now Owns 30% of Simi Firm

McDonnell Douglas Corp. has acquired a substantial ownership interest in Fields Aircraft Spares by agreeing to convert its preferred stock in a Fields subsidiary into 564,194 common shares in the Simi Valley spare parts company.

This conversion gives McDonnell Douglas a 30% ownership interest in Fields Aircraft Spares based on shares currently outstanding, and a 25% ownership interest on a fully diluted basis.

At the time the preferred shares were issued in February 1995, Fields and McDonnell Douglas entered into an agreement that said that when it was in the best interest of the parties, the two companies would move forward on certain business activities.

Fields is currently marketing aircraft spare parts that McDonnell Douglas considers surplus to its needs. There are ongoing discussions regarding possible other business activities between the two companies, officials said.

Fields Aircraft Spares, through its wholly owned subsidiaries Fields Aircraft Spares Inc. and Fields Aero Management Inc., is a distributor and broker for a variety of factory-new parts applicable to various commercial aircraft models and manufacturers.