Thermal processing services provider Bodycote has bought the heat treatment business of US aircraft manufacturer Curtiss-Wright Corporation, a bolt-on acquisition thought to fit 'extremely well' with the existing business, the group said.
Bodycote has purchased nine sites in northern and central America for a total consideration of $52m using existing cash and bank facilities. These serve a wide range of industries but have a particular focus on commercial aerospace and oil and gas.
"We are delighted to be acquiring this heat treatment business, which fits extremely well with our existing organization and our overall strategy. Adding these nine sites to Bodycote's existing 35 US plants provides significant additional capability and a broader customer base in key regions," said Bodycote's Chief Executive Officer Stephen Harris.
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He said that one facility, located in Lafayette, Louisiana, provides Bodycote with access to the "buoyant oil and gas market" in this part of the US.
The acquired business delivered earnings before interest and tax of $7.7m in the year to December 2011 on sales of $36.5m.
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