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May 01, 2015 02:00 AM

Plastic aerospace part maker sold for $496 million

CRAIN'S CLEVELAND BUSINESS REPORT
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    Crain's Cleveland Business file photo
    W. Nicholas Howley, chairman and CEO of TransDigm.

    Aircraft components maker TransDigm Group Inc. of Cleveland has agreed to buy the aerospace business of Pexco LLC for nearly half a billion dollars.

    TransDigm said the $496 million purchase price for Pexco Aerospace, a portfolio company of Odyssey Investment Partners LLC, includes about $160 million of tax benefits to be realized over a 15-year period beginning in 2015. TransDigm expects to finance the acquisition “primarily through a combination of cash on hand, existing availability under our revolving credit facility and new debt,” the company said in a news release announcing the deal.

    Pexco Aerospace makes extruded plastic interior parts for use in the commercial aerospace industry. TransDigm did not disclose Pexco Aerospace's annual sales but said “nearly all revenue comes from the commercial transport market.” The company employs about 300 people in Yakima, Wash., and Huntington Beach, Calif.

    W. Nicholas Howley, chairman and CEO of TransDigm, said in the release that Pexco “is a leading proprietary aerospace manufacturer with attractive positions on all active Boeing platforms and a significant and growing commercial aftermarket.

    The commercial aftermarket is currently approaching 35 percent of revenue but we expect that percentage to grow to close to 60 percent over the next five years as the Boeing 787 and Boeing Sky Interior of 737 become an increasing share of the installed fleet. These products fit well with our overall business strategy."

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