WASHINGTON (dpa-AFX) - Designer, producer and supplier of highly engineered aircraft components TransDigm Group Inc. (TDG) Monday revealed a definitive agreement to acquire the Simmonds Precision Products, Inc. of Goodrich Corp. from RTX Corp. (RTX) for approximately $765 million in cash.
Simmonds is a designer and manufacturer of fuel & proximity sensing and structural health monitoring solutions for the aerospace and defense end markets. Simmonds, headquartered in Vergennes, Vermont has presence across diverse aerospace and defense platforms and 40 percent of its revenue is derived from the aftermarket. With a projected revenue of $350 million for the calendar year, the company has around 900 employees.
Kevin Stein, TransDigm's President and Chief Executive Officer noted that Simmonds has a leadership position in fuel & proximity sensing and structural health monitoring technology. The acquisition is expected to be financed through existing cash on hand.
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