MB Aerospace to top £100m sales with US acquisition
Burnley-based MB Aerospace has bought an engine component maker in a huge deal which will take total sales through the £100m barrier.The multi-million dollar deal to acquire Delta, based in Hartford, Connecticut, will expand the MB Aerospace business to projected revenues of more than £100m and to 550 employees (up from 370) for the 2013 financial year.
The acquisition followed news in March that MB had teamed up with American investors Arlington Capital Partners with a view to expanding its US-based operations.MB Aerospace chief executive Craig Gallagher said: "We are delighted to have succeeded in securing such a highly prized company and we believe that the combined group is positioned to take advantage of the available opportunities for further expansion in the months and years ahead.
“With its wide range of capabilities, long-standing customer relationships and its strong management team, the Delta business has been a long-term target for MB Aerospace. It is a perfect fit with our ambitions for future growth."MB Aerospace’s key customers now include Pratt & Whitney, Rolls-Royce, General Electric, Boeing, United Technologies, GKN, Mitsubishi Heavy Industries, and the US Department of Defense. Bill Evans II, president of Delta Industries, said: “We are delighted to join MB Aerospace – in them we see a business which is actively looking to grow in the aero-engine components market where it has key supply chain presence coupled with a strong range of customer relationships."