CLEVELAND, June 30, 2021 /PRNewswire/ -- TransDigm Group
Incorporated (NYSE: TDG), a leading global designer, producer and
supplier of highly engineered aircraft components, announced today
that it has completed the divestiture of its ScioTeq and TREALITY
Simulation Visual Systems businesses (collectively, "the
businesses") to OpenGate Capital in a transaction valued at
approximately $200 million.
ScioTeq and TREALITY were acquired by TransDigm in March 2019 as part of the Esterline Technologies
acquisition. The businesses develop and manufacture advanced
visualization solutions primarily for the global defense, air
traffic control, and security end markets. For the fiscal year
ended September 30, 2020, the
businesses generated revenues of approximately $135 million.
Following the completion of the divestiture of ScioTeq and
TREALITY, the financial results of the businesses for all periods
under TransDigm's ownership will remain classified as continuing
operations in accordance with U.S. generally accepted accounting
principles.
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, batteries and chargers, engineered latching and locking
devices, engineered rods, engineered connectors and elastomer
sealing solutions, databus and power controls, cockpit security
components and systems, specialized and advanced cockpit displays,
engineered audio, radio and antenna systems, specialized lavatory
components, seat belts and safety restraints, engineered and
customized interior surfaces and related components, advanced
sensor products, switches and relay panels, thermal protection and
insulation, lighting and control technology, 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 that
could cause TransDigm Group's actual results to differ materially
from those expressed or implied in any forward-looking statements
made by, or on behalf of, TransDigm Group. These risks and
uncertainties include but are not limited to: the impact that the
COVID-19 pandemic has on the TransDigm Group's business, results of
operations, financial condition and liquidity; the sensitivity of
TransDigm Group's business to the number of flight hours that its
customers' planes spend aloft and its customers' profitability,
both of which are affected by general economic conditions; future
geopolitical or other worldwide events; cyber-security threats and
natural disasters; TransDigm Group's reliance on certain customers;
the U.S. defense budget and risks associated with being a
government supplier including government audits and investigations;
failure to maintain government or industry approvals; failure to
complete or successfully integrate acquisitions; TransDigm Group's
indebtedness; potential environmental liabilities; liabilities
arising in connection with litigation; increases in raw material
costs, taxes and labor costs that cannot be recovered in product
pricing; risks and costs associated with TransDigm Group's
international sales and operations; and other risk factors. Further
information regarding the important factors that could cause actual
results to differ materially from projected results can be found in
TransDigm Group's Annual Report on Form 10-K for the fiscal year
ended September 30, 2020 and other
reports that TransDigm Group or its subsidiaries have filed with
the Securities and Exchange Commission. Except as required by law,
TransDigm Group undertakes no obligation to revise or update the
forward-looking statements contained in this press release.
Contact:
Investor Relations
(216) 706-2945
ir@transdigm.com
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SOURCE TransDigm Group Inc.