CLEVELAND, Aug. 7, 2019
/PRNewswire/ -- TransDigm Group Incorporated (NYSE: TDG), a
leading global designer, producer and supplier of highly engineered
aircraft components, announced today that it has entered into a
definitive agreement to sell its Esterline Interface Technologies
(EIT) group of businesses to an affiliate of KPS Capital Partners,
LP for approximately $190
million.
EIT was acquired by TransDigm in March
2019 as part of the Esterline Technologies acquisition and
is comprised of three distinct businesses including Advanced Input
Systems, Gamesman and LRE Medical. The business is a developer and
manufacturer of interface solutions serving leading OEMs in the
growing medical, commercial, industrial, diagnostics and gaming end
markets and has over 750 employees primarily in the United States, Germany and China. EIT generated revenues of approximately
$190 million for the fiscal year
ended September 30, 2018.
W. Nicholas Howley, Executive
Chairman commented, "We are pleased to have an agreement for the
divestiture of the EIT group of businesses. This is part of our
previously communicated plan to evaluate and potentially divest
businesses that do not align well with TransDigm's strategy."
The divestiture, which is subject to regulatory approvals and
customary closing conditions, is expected to be completed during
the first quarter of our fiscal 2020.
About TransDigm Group
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, seat belts
and safety restraints, engineered interior surfaces and related
components, advanced sensor products, switches and relay panels,
advanced displays, thermal protection and insulation, 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 which are not historic facts
are forward-looking statements under the provisions of the Private
Securities Litigation Reform Act of 1995. All statements other than
statements of historical fact that address activities, events or
developments that we expect, believe or anticipate will or may
occur in the future are forward-looking statements, including, in
particular, statements about the sale of EIT. We have identified
some of these forward-looking statements with words like "believe,"
"may," "will," "should," "expect," "intend," "plan," predict,"
"anticipate," "estimate" or "continue" and other words and terms of
similar meaning. 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 in any forward-looking statements made by, or on behalf
of TransDigm. These risks and uncertainties include, but are not
limited to, TransDigm's ability to successfully complete the sale
of EIT. Except as required by law, TransDigm undertakes no
obligation to revise or update the forward-looking information
contained in this press release.
Contact:
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Liza Sabol
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Director of Investor
Relations
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(216)
706-2945
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ir@transdigm.com
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