TransDigm sold in £157m deal
Alcoa, the designer and manufacturer of specialty fastening systems, has acquired TransDigm Group for $240m (£157m). US-based TransDigm employs more than 400 people at its UK bases in Redditch and Leicester.
TransDigm Group, which designs and produces highly engineered aircraft components, is based in California. The new business will become part of Alcoa Fastening Systems, also based in California.
The acquisition was described as an “important step” by the president of Alcoa Vitaliy Rusakov.
He said: “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.”
The three TransDigm fastener manufacturing facilities are located in Redditch, Leicester and Sylmar, California. The two UK bases employ a total of 400 people. Alcoa confirmed that the TransDigm employees will not be affected by the takeover.
The transaction is expected to be completed during the first quarter of 2011, subject to customary regulatory reviews and approvals.
