GKN Westland Aerospace of the UK is buying Dow-United Technologies Composite Products in a cash deal worth $60.5 million. The transaction is expected to be completed by the end of the year.
The US company, based in Wallingford, Connecticut, was formed by Dow Chemical and United Technologies in 1989 as a 50:50 joint venture combining their composite materials and components businesses. The company has led development of resin transfer moulding, a method for producing affordably complex composite parts for aircraft and aero-engines.
The company, with 750 staff, posted 1997 revenues of over $80 million, but it made a pre-tax loss of $7.1 million, resulting from one-off charges.
Dow-UT will become part of GKN Westland Aerospace, which has annual sales of £320 million ($531 million).
Source: Flight International
