PCC picks Cherry to boost portfolio
Acquisition Precision Castparts (PCC) is to acquire rivet and bolt manufacturer Cherry Aerospace in a $300 million deal, as part of its strategy to expand its aerospace fastener product portfolio. PCC expects the acquisition of Cherry to increase earnings after completion of the deal, which is due in the fourth quarter, subject to regulatory approval. Chairman and chief executive Mark Donegan says PCC has been pursuing Cherry since it bought critical fastener manufacturer SPS in 2003. The new addition will "fill a significant gap in SPS's product line of critical aerospace fasteners", and will boost its presence in southern California, "opening up potential synergies and economies of scale with other fastener operations".
Exports strengthen IAI orderbook
Results A strong export performance in 2006 saw Israel Aerospace Industries (IAI) posting a record orderbook for last year. The company signed export contracts worth $3.6 billion in 2006, taking total new orders for the year to over $4 billion for the first time.
Czech Aero takeover goes ahead
Investment Slovak investment group Penta has replaced Aero Vodochody's president Petr Klimes with Peter Ondro after Czech authorities officially rubber-stamped its acquisition of 100% of the Czech Republic's largest aircraft manufacturer earlier this month. The new owner reappointed all members of the company's managing and supervisory boards, and initially named former Czech defence minister Karel Kühnl as chairman of the supervisory board. However, he later decided not to take on the role.
Transdigm adds components capacity
Acquisition US-based aerospace components manufacturer Transdigm (TDG) is taking over Aviation Technologies (ATI), which specialises in flightdeck and passenger audio systems, displays, clocks and other power components, in a $430 million deal. Transdigm chairman and chief executive Nicholas Howley says the new acquisition will expand the company's position in aerospace motors and electrical power applications, "and opens up a new growth platform in flightdeck and cabin electronics products". The deal is expected to close during the first quarter of 2007. Transdigm is buying ATI from its own former owner Odyssey Investment Partners.
Thielert posts record results
Growth German engine manufacturer Thielert posted record sales and earnings figures for the fourth quarter of 2006, with increases of 50% and 70% respectively compared with the same period in 2005. For 2006 as a whole, sales were up 93% on the previous year at €72.5 million ($94 million), while earnings before interest doubled to €18.2 million.
Germany to keep influence at EADS
Shareholding The German government has found a solution to its wish to maintain German influence in EADS while allowing car manufacturer DaimlerChrysler to cut its 22.5% stake by a third. Under the deal a consortium of German banks will purchase a 7.5% stake in EADS from DaimlerChrysler in return for a loan. The stock will revert to DaimlerChrysler after five years. The German government is set to announce the deal officially later this month.
Source: Flight International
