Alcoa [AA] yesterday said it has agreed to acquire the aerospace fasteners business of TransDigm Group for $240 million in a deal aimed at accelerating its growth in the fastening business.
“This acquisition is an important step for Alcoa Fastening Systems,” Vitaliy Rusakov, president of Alcoa Fastening Systems, said in a statement. “It is a part of our strategic plan to accelerate the growth of our business, add efficiencies, broaden our technology base and expand our product offering to better serve our customers and increase shareholder value. The TransDigm global aerospace fastener business offers a strong portfolio of complementary products and is well known in the aerospace industry for producing highly engineered precision fastening solutions used for critical airframe, engine and equipment applications.”
TransDigm had acquired the fastening business as part of its purchase of McKechnie Aerospace in December.
The TransDigm fastening business has manufacturing facilities in California and the United Kingdom and designs and manufactures fasteners, fastening systems and bearings for commercial, military and general aviation aircraft. The business employs 400 people.
The deal is expected to close within two months and Alcoa expects it be accretive to earnings in the first year.