WASHINGTON (dpa-AFX) - TransDigm Group Inc. (TDG) on Monday said it entered into an agreement to acquire Prince & Izant, a portfolio company of Industrial Growth Partners, for approximately $1.066 billion in cash, including certain tax benefits.
TransDigm Chief Executive Officer Mike Lisman said the acquisition aligns with the company's strategy of acquiring businesses with proprietary products, strong aftermarket exposure and attractive long-term value creation potential.
Prince & Izant, based in Cleveland, Ohio, designs and manufactures highly engineered brazing alloys and specialty metal components used in aerospace and defense, aeroderivative turbine, transportation, medical and general industrial markets.
Prince & Izant is expected to generate approximately $360 million in revenue for the calendar year ending December 31.
In the pre-market trading, 1.07% higher at $1,249.99 on the New York Stock Exchange.
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