October 7, 2013
Middlesex, England-based international aerospace group Shimtech Industries Ltd. has acquired San Diego-based Performance Plastics Inc. for an undisclosed sum.
PPI makes composite parts and assemblies for major aerospace OEMs, including Boeing Co., Lockheed Martin and Northrop Grumman.
Its products include aircraft flight control surfaces, radomes, reflectors, doors and access panels, bulkheads and interior panels.
Shimtech CEO Howard Kimberley said: "In addition to broadening our manufacturing capabilities in advanced, lightweight materials, and extending our business into high growth composite fabrication and integrated metallic and composite assemblies, PPI also provides considerable product synergy with our existing operations.
"With the enhanced resources, additional processes and technical knowhow that PPI will add to the group, the enlarged Shimtech will be more strongly positioned to bid for larger contracts whilst also providing the benefits of a single, integrated source of manufacturing and supply to our global customers."
The acquisition, which will be funded entirely from internal resources, will form a separate Composite Engineered Structures division within Shimtech. The transaction is expected to complete by the end of October.