Aerospace technology manufacturer Senior has bought Milwaukee based GAMFG Precision and its parent company GAMCO Acquisition for 45m dollars.
GA makes engineered high-precision machined components and assemblies for the off-road land vehicle and aerospace markets. Its largest customer is Caterpillar.
Commenting on the acquisition, Chief Executive Mark Rollins said: "GA represents an excellent strategic addition to Senior's Flexonics Division. It is located in the mid-west of the USA, close to both its major customers and the group's existing Bartlett facility, which provides an excellent opportunity to optimise the combined commercial and operational performance of both businesses."
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"GA has a well established reputation in the off-road heavy-duty diesel engine market and has a growing presence in the commercial aerospace industry. Its high-precision machining capabilities, which are new to Senior, combined with Senior's wider market access and financial strength, are expected to enhance the growth prospects of both the Group's Flexonics and Aerospace Divisions."
The $45m acquisition was funded from existing cash and debt facilities, Senior explained.
CJ
-
Barclays warns of significant rise in social media investment scamsInvestment scam victims are losing an average £14k, with 61% of those falling for one over social media. Here's how to spot one and keep your money safe
-
Over a thousand savings accounts now offer inflation-busting rates – how long will they stick around?The rate of UK inflation slowed again in March, boosting the opportunity for savers to earn real returns on cash in the bank. But you will need to act fast to secure the best deals.
