CLEVELAND, March 15, 2018 /PRNewswire/ -- TransDigm
Group Incorporated (NYSE: TDG) announced today that it has
completed the acquisition of the Kirkhill elastomers business
("Kirkhill") from Esterline Technologies (NYSE: ESL) for a total
purchase price of $50 million in
cash, subject to adjustment.
Kirkhill, headquartered in Brea,
California, is a leading supplier of highly engineered
aerospace elastomers. Annual revenues are approximately
$90 million and the business
currently employs approximately 800 people. Roughly 50% of the
revenues are derived from commercial transport airframes with the
remainder primarily from defense aerospace applications. The
products are primarily proprietary, sole source with significant
aftermarket content and used in a broad variety of most major
commercial transport and military platforms. The business is also
well represented on newer commercial platforms such as Boeing's
787, 777X and 737MAX; Airbus's A320NEO and A350; as well as
the military JSF.
W. Nicholas Howley, Chairman and
Chief Executive Officer of TransDigm Group Incorporated, stated,
"Kirkhill products fit well with our business strategy. Although
the improvements could take a little longer to develop than for
some acquisitions, we see significant opportunities to improve
Kirkhill's profitability. We expect the Kirkhill acquisition
to create equity value well in line with our long-term private
equity type return objectives."
About TransDigm
TransDigm Group Incorporated, through its wholly-owned
subsidiaries, is a leading global designer, producer and supplier
of highly engineered aircraft components for use on nearly all
commercial and military aircraft in service today. Major product
offerings, substantially all of which are ultimately provided to
end-users in the aerospace industry, include
mechanical/electro-mechanical actuators and controls, ignition
systems and engine technology, specialized pumps and valves, power
conditioning devices, specialized AC/DC electric motors and
generators, NiCad batteries and chargers, engineered latching and
locking devices, rods and locking devices, engineered connectors
and elastomers, cockpit security components and systems,
specialized cockpit displays, aircraft audio systems, specialized
lavatory components, seatbelts and safety restraints, engineered
interior surfaces and related components, lighting and control
technology, military personnel parachutes, high performance hoists,
winches and lifting devices, and cargo loading, handling and
delivery systems.
Forward-Looking Statements
Statements in this press release that are not historical facts
are forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995.Words such as "believe,"
"may," "will," "should," "expect," "intend," "plan," "predict,"
"anticipate," "estimate," or "continue" and other words and terms
of similar meaning may identify forward-looking statements.
All forward-looking statements involve risks and uncertainties
which could affect TransDigm's actual results and could cause its
actual results to differ materially from those expressed or implied
in any forward-looking statements made by, or on behalf of,
TransDigm. These risks and uncertainties include but are not
limited to failure to complete or successfully integrate the
acquisition; that the acquired business does not perform in
accordance with our expectations; and other factors. Further
information regarding important factors that could cause actual
results to differ materially from projected results can be found in
TransDigm's Annual Report on Form 10-K and other reports that
TransDigm or its subsidiaries have filed with the Securities and
Exchange Commission. Except as required by law, TransDigm
undertakes no obligation to revise or update the forward-looking
statements contained in this press release.
Contact:
Liza Sabol
Investor Relations
(216) 706-2945
ir@transdigm.com