Cleveland-based aircraft component makerÂ TransDigmÂ (NYSE: TDG) hasÂ agreed to purchase databus and power control system manufacturer Data Device Corp. and its parent companyÂ ILC HoldingsÂ from Behrman Capital for approximatelyÂ $1 billion in a push to add new products forÂ military, space and commercial customers.
TransdigmÂ said WednesdayÂ it expects to close the transaction that is subject to regulatory approvals by the end of this year and will fund the deal with cash on hand, funds from a revolving credit facility and new debt.
Bohemia, New York-headquartered DDC has 650 employees worldwide, expects to generate close toÂ $200 million in revenue this year and records three-fourths ofÂ sales in the defense market with the remainder in the commercial transportation sector.
DDC’sÂ MIL-STD-1553 databus product line is deployed on military aircraft such as the F-16, F-18 and F-35 fighter jets; C-130 airlifter; B-1 bomber;Â and Apache helicopter.
DDC says it derives 70 percent of its revenueÂ from the aftermarket, while non-U.S. business represents 45 percent of total sales.