TransDigm Group has declared that it has signed a definitive agreement for the acquisition of Schneller Holdings from an associate of Graham Partners. The acquisition will be reviewed under the Hart-Scott-Rodino Act, along with other expected closing conditions.
The deal, which was worth approximately $288.5 million in cash, will close by 30th September 2011. Schneller manufactures highly engineered laminates to be used in commercial aircrafts, and is based in Kent in Ohio. Its revenue for the year 2011 is expected to be around $84 million, of which two thirds will be from the commercial aftermarket and the rest from commercial OEM.
Schneller’s products include non-textile flooring, thermoplastics and highly engineered laminates, which will be used on cabin floors, bulkheads, galleys, lavatories and side walls of most regional jet platforms and commercial transport systems. Schneller is the sole supplier to major aerospace customers such as suppliers, prominent aircraft interior designers, commercial airlines, and the leading OEM’s of the world.
TransDigm Group’s CEO and Chairman, W. Nicholas Howley, has revealed that Schneller has an excellent reputation and noteworthy aftermarket content with the airlines of the world. The company will prove to be a valuable addition to the already existing products. The firm, Harris Williams has acted as the advisor to Schneller Holdings.
Source: http://www.transdigm.com