Irvine-based McKechnie Aerospace Holdings has been sold to TransDigm Group Inc. for $1.27 billion.
The local firm, which makes aerospace products for the commercial, regional, business and military industries, operates divisions in California, Arizona, Connecticut, Kansas, Kentucky, Washington, Belgium and the United Kingdom.
The company is expected to report revenues of $300 million this year – and about two-thirds of that number comes from commercial-transport original equipment manufacturers and aftermarkets, according to a statement from Ohio-based TransDigm, a designer, supplier and producer of aircraft components.
"McKechnie fits well with our consistent focus on proprietary aerospace components with broad platform positions and significant aftermarket content," said W. Nicholas Howley, TransDigm's chairman and CEO. "They (McKechnie) have continually invested in new platforms and are well positioned for growth as the commercial aerospace markets continue to recover from the recent down cycle and the new platforms begin to ramp up."
The deal is expected to boost McKechnie's value among its customers and "provide stability" for its 1,500 employees, added Tariq M. Jesrai, CEO of the firm.
The acquisition will be financed through a combination of senior and subordinated debt, and it is expected to close by the end of the year.
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