DeCrane Aircraft Holdings Inc. Completes Acquisition Of ERDA Inc.Business Editors EL SEGUNDO El Segundo (ĕl sēgŭn`dō), industrial city (1990 pop. 15,223), Los Angeles co., S Calif., on Santa Monica Bay; inc. 1917. Its products include navigation and computer systems, aircraft parts, office machines, telephone apparatus, and , Calif.--(BUSINESS WIRE)--July 5, 2000 DeCrane Aircraft Holdings Inc. ("DeCrane Aircraft") Wednesday announced the completion of its acquisition of ERDA ERDA Energy Research & Development Administration Inc. (ERDA), including ERDA's aircraft products and medical systems divisions. The transaction became official today as the two parties finalized closing details. Concurrent to this acquisition closing, ERDA's interest in Trident Inc., is being spun off to ERDA's shareholders. "We chose DeCrane Aircraft because of their vision and integrated cabin-in-a-box philosophy," said Ben Bunting bunting, common name for small, plump birds of the family Fringillidae (finch family). Among the American buntings are the indigo bunting, in which the summer plumage of the male reflects sunlight as a rich, metallic blue; the painted bunting, or nonpareil ( , president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of ERDA Inc. "This is a good move for us, DeCrane's financial strength will make ERDA even more competitive," added Bunting. ERDA is a vertically integrated engineering Integrated Engineering is a multi-disciplinary, design project based engineering degree program. Integrated Engnineering is a program created to meet the demand for engineers who are able to deal with a wide range of problems, often involving knowledge from several and manufacturing company based in Peshtigo, Wis. with additional manufacturing operations Manufacturing operations concern the operation of a facility, as opposed to maintenance, supply and distribution, health, and safety, emergency response, human resources, security, information technology and other infrastructural support organizations. in Monterrey, Mexico. "We are very excited about completing this acquisition and plan to make significant future investments in ERDA, with the goal of doubling ERDA's production capacity and achieving our quality, on-time delivery standards," said Jeff Nerland, DeCrane's vice president of business development. The acquisition could result in as many as 100 new jobs in the Peshtigo facility over the next year to 18 months. ERDA is well known in the aircraft industry for its innovation in the design and manufacturing of technically advanced, lightweight aircraft seating, including cabin seats, divans, jumpseats and crew seats. The addition of ERDA will enhance DeCrane Aircraft's service to its existing customer base, including aircraft manufacturers such as Bombardier, Cessna, Dassault, Gulfstream, Galaxy and Raytheon, in addition to numerous completion centers. ERDA's Medical Systems Division manufactures and assembles components and systems for the medical equipment industry and provides repairs and re-manufacturing of those components and systems. ERDA joins DeCrane Aircraft's Cabin Management Group and its newly formed Seating Division, which also includes Dettmers Industries (Stuart, Fla.). The Cabin Management Group's strategy is to provide the corporate aircraft industry with "total cabin capability." This concept was innovated by DeCrane Aircraft with the goal of providing complete, customized, pre-fit, pre-engineered interior kits and individual cabin components to OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and and completion centers. DeCrane Aircraft is a leading systems integrator for the corporate and commercial aviation industry. Founded in 1989, DeCrane Aircraft has focused on strategic acquisitions of leading aircraft component manufacturers who have complementary products and technologies. DeCrane Aircraft Holdings Inc. is a subsidiary of DLJ Merchant Banking Partners DLJ Merchant Banking Partners (DLJMB) is a LBO-focused private equity firm of Credit Suisse. DLJMB has offices in New York, London and Los Angeles. External links
Note: Except for historical information contained herein, this document contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These statements involve known and unknown risks and uncertainties that may cause the company's actual results or outcomes to be materially different from those anticipated and discussed herein. Further, the company operates in an industry sector where securities values may be volatile and may be influenced by regulatory and other factors beyond the company's control. Important factors that the company believes might cause such differences are discussed in the cautionary statements accompanying the forward-looking statements in the company's reports filed with the Securities and Exchange Commission. In assessing forward-looking statements contained herein, readers are urged to read carefully all cautionary statements contained in those filings with the Securities and Exchange Commission. |
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