Loar said Friday Applied Avionics designs, builds and produces avionics interface products such as NEXUS and VIVUSUN switches and indicators found on platforms in military and commercial aerospace and defense end-markets.
Founded in 1968, the Fort Worth, Texas-based company is expected to generate $40 million in sales and $21 million in adjusted earnings before interest, taxes, depreciation and amortization for the year ending Dec. 31.
“Applied Avionics fits our strategic initiative of adding niche capabilities and proprietary products to our suite of customer solutions,” said Dirkson Charles, CEO and executive co-chairman of the board at Loar.
“Additionally, over 75% of Applied Avionics’ sales are derived from the aftermarket, further strengthening this attribute and strategic focus of Loar,” added Charles.
Loar will use existing cash on hand and additional borrowings under its current credit agreement to finance the transaction, which is expected to wrap up after receiving regulatory clearances and satisfying other customary closing conditions.
The aerospace and defense components manufacturer expects to receive about $45 million in tax benefits as a result of the acquisition.
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