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China,United Kingdom : Shaanxi Ligeance Mineral Resources acquires Gardner Aerospace Holding.

Aerospace and mining firm Shaanxi Ligeance Mineral Resources (SLMR) completed its deal to acquire aerospace parts maker Gardner Aerospace Holding for 326 million pounds ($416.53 million) on Friday.

Chairman Zhang Zheng said SLMR is entering the aviation engine sector based on the company's production of the rare metal rhenium, which is a key component of the engine.

Zhang noted that the strategic takeover will allow the two firms to consolidate their advantages and provide first-class supply chain service for China's locally developed aviation engines and unmanned aerial vehicles.

The UK-based, Gardner Aerospace, a major aerospace parts supplier in Europe.

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Publication:Mena Report
Date:Jun 19, 2017
Words:113
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