CLEVELAND, Feb. 22, 2017 /PRNewswire/ -- TransDigm Group
Incorporated (NYSE: TDG) announced today that it has acquired the
stock of SCHROTH Safety Products GmbH and certain aviation and
defense assets and liabilities from subsidiaries ("Business") of
Takata Corporation (TYO:7312) for approximately $90 million in cash.
The primary businesses purchased are that of SCHROTH Safety
Products GmbH and Takata Protection Systems Inc., both of which
will be known going forward as SCHROTH, which design and
manufacture proprietary, highly engineered, advanced safety systems
for aviation, racing and military ground vehicles throughout the
world. Nearly all of the revenues are from proprietary
products. Aftermarket content accounts for approximately 40% of the
revenues, while aerospace and defense accounts for approximately
80% of the revenues.
SCHROTH, which accounts for approximately 90% of the revenues,
specializes in specialty technical restraints, passenger belts
covering Airbus and Boeing platforms, structural monument airbags
for Airbus and Boeing platforms including the Boeing 787, and
cockpit security components for the Airbus A350 and A380 platforms.
SCHROTH also provides restraint systems into business jet, general
aviation, helicopter, military and racing markets.
Located in Arnsberg, Germany
and Pompano Beach and Orlando, Florida, the Business employs
approximately 260 people and is estimated to have revenues of
approximately $43 million for the
fiscal year ending March 31,
2017.
W. Nicholas Howley, Chairman and
CEO of TransDigm, stated, "SCHROTH has built a solid reputation
based on technical expertise and product excellence. The
company has significant and growing aftermarket on attractive high
use platforms. SCHROTH fits well with our consistent product and
acquisition strategy. As with all TransDigm acquisitions, we see
opportunities for significant value creation."
About TransDigm
TransDigm Group, 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, databus and power controls, 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:
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Liza Sabol
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Investor
Relations
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(216)
706-2945
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ir@transdigm.com
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SOURCE TransDigm Group Incorporated