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.

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