Hello, Guest!
  • Saturday, April 27, 2024

ITT Buys Aerospace Tech Firm Matrix Composites


Jeff Brody

White Plains, N.Y.-based technology company ITT (NYSE: ITT) has bought Matrix Composites, a Florida-based manufacturer of aircraft components, for approximately $29M.

ITT said Monday 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 transaction includes an earnout and is subject to working capital adjustments.

ITT produces technologies for various applications such as aerospace, defense and medicine.

Video of the Day

Related Articles

Senate Confirms Mara Karlin as DOD Strategy Lead Executive Moves

Senate Confirms Mara Karlin as DOD Strategy Lead

Mara Elizabeth Karlin, principal deputy assistant secretary for international security affairs at the Defense Department, was confirmed by the Senate to serve as DOD’s assistant secretary for strategy, plans and capabilties. Senators approved the nomination by voice vote Monday, following a series of congressional events that took place since the White House announced President Joe

Express Scripts to Manage TRICARE Pharmacy Benefits Under $4.3B DHA Contract News

Express Scripts to Manage TRICARE Pharmacy Benefits Under $4.3B DHA Contract

Express Scripts has secured a potential multi-year $4.3 billion contract to help the Defense Health Agency manage pharmacy benefit-related activities across all 50 states; Washington, D.C; Guam; Puerto Rico; and the Virgin Islands. The company will provide management services in support of the TRICARE Pharmacy Benefit Program, which delivers prescription drugs to beneficiaries through mail

DOD Secretary Lloyd Austin Inks Implementation Plan for Electromagnetic Spectrum Strategy News

DOD Secretary Lloyd Austin Inks Implementation Plan for Electromagnetic Spectrum Strategy

Defense Secretary Lloyd Austin has signed a plan designed to guide the military’s implementation activities aimed at ensuring U.S. electromagnetic spectrum advantage and providing warfighters with “freedom of action” in the EMS. The Department of Defense said Thursday its operations in air, land, maritime, space and cyberspace domains rely on EMS and the 2020 Electromagnetic