White Plains, N.Y.-based technology companyÂ ITT (NYSE: ITT) has boughtÂ Matrix Composites, a Florida-based manufacturer of aircraft components, for approximately $29M.
ITT said MondayÂ it funded the transaction with cash and aims to grow aerospace offerings within the company’s connect and control technologies business.
“This acquisition expands our ability to serve our aerospace customers with a broader set of capabilities in the composites space,” said Luca Savi, CEO and president at ITT.
The value of the transactionÂ includes an earnout and is subject toÂ working capital adjustments.
ITT produces technologies for various applications such asÂ aerospace, defense and medicine.