Smiths Group announced today that it is acquiring Integrated Aerospace Inc., a privately owned, California-based supplier of specialist landing gear systems, for $110m (61m).
Integrated Aerospace is a leading, sole-source supplier of landing gear products for small aircraft including U.S. military helicopters, fighter aircraft, business jets and unmanned aerial vehicles (UAVs). Examples include the F/A-18 Hornet and Super Hornet and the UH-60 Black Hawk. The company is also the technology leader in external fuel tanks for fighter aircraft and helicopters.
Smiths chief executive, Keith Butler-Wheelhouse said: "This acquisition, our seventh in 2004, once again underlines Smiths strategy of profitable growth through the acquisition of businesses with technologies and products which complement or expand our offering to the customer."
Commenting on the expansio of the business Dr John Ferrie, group managing director of Smith Aerospace said: Integrated Aerospac is a strong addition to our actuatio and aerial refuelling systems businesses. This acquisition now enables Smiths t provide complete landing gear systems for helicopters, business jets and the rapidly expandin market for UAVs It also significantly expands our capability in aeria refuelling systems.
In the 12 months to September 2004, the turnover of Integrated Aerospace totalled $50m (28m). Smiths Group is satisfying the acquisition in cash funded from the companys existing resources. The acquisition is expected to complete in November, subject to regulatory approvals.
Smiths Group designs and manufactures safety critical systems and products, and has market leading positions in aerospace systems, detection systems, medical devices, mechanical seals, and interconnect products.
For further information, visit www.smiths-group.com
About Integrated Aerospace:
Integrated Aerospace is headquartered in Santa Ana, California with an additional manufacturing facility in nearby Signal Hill. The two buildings total 300,000 sq. ft. and the business has over 200 employees. It is a portfolio company of Brockway Moran and Partners, Inc..