Author: Regina Garcia|| Date Published: March 15, 2023
Aircraft components maker TransDigm Group (NYSE: TDG) has agreed to acquire Calspan, a technology development and testing services provider headquartered in Buffalo, New York.
Cleveland-headquartered TransDigm said it expects to use cash on hand to finance the acquisition and close the transaction during its 2023 fiscal year.
Calspan has approximately 625 employees and is projected to report $200 million in 2023 revenue.
Kevin Stein, TransDigm’s president and CEO, said the company sees an opportunity for its current operating model to support Calspan’s aftermarket services in the aerospace and defense industry.
The deal announcement comes after TransDigm recorded a 17 percent year-over-year growth in net sales to $1.40 billion for its fiscal 2023 first quarter ended Dec. 31, 2022.
Income from continuing operations for the period grew to $66 million from $163 million in the year-ago quarter, with a higher effective tax rate and higher interest expense partially offsetting it.
Shares of TransDigm opened higher on Wednesday at $717.11 from a previous close of $702.66.
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