Mistras Group, Inc. Announces Acquisition of West Penn Non-Destructive Testing, LLC
December 21 2017 - 4:01PM
Mistras Group, Inc. (NYSE:MG), a leading "one source" global
provider of technology-enabled asset protection solutions,
announced that it acquired West Penn Non-Destructive Testing, LLC
(West Penn) for $74 million in cash.
West Penn is headquartered near Pittsburgh, Pennsylvania, and
also has locations in Richburg, South Carolina and Savannah,
Georgia. West Penn provides a wide variety of non-destructive
testing services at its in-house facilities focused primarily on
aerospace customers. West Penn is Nadcap accredited, ISO 9001 and
AS 9100 certified, and complies with an extensive array of client
and industry codes and specifications.
Chief Executive Officer Dennis Bertolotti stated, "We are
excited to welcome West Penn to Mistras Group. The entire West Penn
team has been extremely focused on developing strong relationships
with tier one and tier two suppliers and supports important new
product innovations within the aerospace industry. West Penn is not
only an important addition to our team, but also a key part of our
strategy to increase our aerospace business and our focus on new
aerospace engine programs.”
West Penn’s president Jim DeCellis will function as Mistras
Group’s regional manager overseeing the West Penn business as part
of the Company’s Services segment.
Mistras funded the West Penn acquisition with borrowings from
its recently amended $250 million agreement that was announced
earlier this month. The Company expects this acquisition to be
accretive to earnings per share in 2018.
Conference CallIn connection with this release,
Mistras will hold a conference call on December 22, 2017 at 9:00
a.m. (Eastern). The call will be broadcast over the Web and can be
accessed on Mistras' Website, www.mistrasgroup.com. Individuals in
the U.S. wishing to participate in the conference call by phone may
call 1-844-832-7227 and use confirmation code 6779939 when
prompted. The International dial-in number is 1-224-633-1529.
About Mistras Group, Inc.
MISTRAS is a leading “one source” global provider of
technology-enabled asset protection solutions used to evaluate the
structural integrity of critical energy, industrial and public
infrastructure. Mission critical services and solutions are
delivered globally and provide customers with asset life extension,
improved productivity and profitability, compliance with government
safety and environmental regulations, and enhanced risk management
operational decisions.
MISTRAS uniquely combines its industry-leading products and
technologies - 24/7 on-line monitoring of critical assets;
mechanical integrity (MI) and non-destructive testing (NDT)
services; destructive testing (DT) services; process and fixed
asset engineering and consulting services; and its world class
enterprise inspection data management and analysis software (PCMS™)
to provide comprehensive and competitive products, systems and
services solutions from a single source provider.
For more information, please visit the company's website at
http://www.mistrasgroup.com.
Forward-Looking and Cautionary Statements
Certain statements made in this press release are
"forward-looking statements" about Mistras' financial results and
estimates, products and services, business model, strategy, growth
opportunities, profitability and competitive position, and other
matters. These forward-looking statements generally use words such
as "future," "possible," "potential," "targeted," "anticipate,"
"believe," "estimate," "expect," "intend," "plan," "predict,"
"project," "will," "may," "should," "could," "would" and other
similar words and phrases. Such statements are not guarantees of
future performance or results, and will not necessarily be accurate
indications of the times at, or by which, such performance or
results will be achieved, if at all. These statements are subject
to risks and uncertainties that could cause actual performance or
results to differ materially from those expressed in these
statements. A list, description and discussion of these and other
risks and uncertainties can be found in the "Risk Factors" section
of the Company's Transition Report on Form 10-K filed with the
Securities and Exchange Commission on March 20, 2017, as updated by
our reports on Form 10-Q and Form 8-K. The forward-looking
statements are made as of the date hereof, and Mistras undertakes
no obligation to update such statements as a result of new
information, future events or otherwise.
Media Contact:Nestor S. MakarigakisGroup Director of Marketing
Communicationsmarcom@mistrasgroup.com1(609)716-4000
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