Acquisition takes off at CTG
Who?
Crompton Technology Group (CTG) the aerospace technology business based in Banbury.
Did what?
Has been acquired by US aerospace specialist Goodrich for an undisclosed sum.
What does this mean?
CTG, a designer and manufacturer of advanced carbon fibre composite products for the aerospace, defence, advanced vehicle and clean energy markets, will now be part of the North Carolina, America-based Goodrich corporation. Goodrich, a Fortune 500 company, is a supplier of systems and services to aerospace, defence and homeland security markets. CTG currently employs 150 people at its Banbury site.
Who advised?
Jim Lavery, partner at DLA Piper in Birmingham, acted for Goodrich, and CTG was advised by William Nash of Speechly Bircham.
Insider comment:
On the deal, Jack Carmola, segment president, actuation and landing systems at Goodrich, said: “This acquisition allows Goodrich to benefit from this expected growth and to expand our composite capabilities into a broader range of Goodrich systems. We intend to leverage CTG’s proprietary technology across a number of Goodrich products to benefit commercial and military customers worldwide.”
Dr Scott Roberts, managing director of CGT, says that CTG’s growth in size and reputation has prompted the merger, which he hopes will strengthen the company. “In joining Goodrich, we look forward to continuing to grow the business while maintaining our entrepreneurial drive for designing and manufacturing increasingly advanced technical solutions”, he said.
