Avingtrans completes purchase of RMDG Aerospace.
12 August 2014 - UK advanced engineered components manufacturer Avingtrans Plc (LON:AVG) announced the completion of its deal to acquire local RMDG Aerospace from Tricorn Group Plc (LON:TCN).
The price was GBP1.1m (UDS1.8m/EUR1.3m) payable in cash, with Avingtrans using its existing debt facilities to cover the transaction cost.
Avingtrans said last week it was buying business assets, operations and liabilities of RMDG. The move aims to strengthen Avingtrans' portfolio, adding new valuable sales opportunities, as well as to enhance its aerospace components and sub-assemblies offerings, according to the company's board of directors.
Following the transaction, Avingtrans solidifies its position as a leading supplier to major aerospace manufacturers operating in the market, commented Avingtrans' chief executive Steve McQuillan when the agreement was announced.
Sector: Aerospace/Defence, Machinery/Engineering
Target: RMDG Aerospace
Buyer: Avingtrans Plc
Vendor: Tricorn Group Plc
Deal size in USD: 1.8m
Type: Corporate acquisition