TransDigm Group Incorporated (TDG) has completed the acquisition of Schneller Holdings LLC (Schneller), from an affiliate of Graham Partner Inc. The acquisition was made at the previously agreed cash price of $288.5 million. The deal was made on August 5, 2011 and was expected to close by September 30, 2011, subjected to review under the Hart-Scott-Rodino Act and other customary closing conditions.
Based in Kent, Ohio, Schneller is a manufacturer of proprietary, highly engineered laminates for commercial aircraft and expects to generate revenue of approximately $84 million in 2011. Commercial aftermarket is a major source of revenue for Schneller, which is about two-thirds. The remaining one-third of revenue is derived from commercial OEM. Schneller is a trusted supplier for major aerospace customers, including leading OEM's, commercial airlines and aircraft interior designers and suppliers of the world. Most of Boeing platforms, all of the active Airbus platforms and most of the regional jets are the major platforms and positions served by Schneller.
The offerings from Schneller highly complement TransDigm’s products and market strategies. The company expects to derive significant benefit from this acquisition as it continues to implement its hi-tech methods with the recovery of the commercial aerospace market.
Based in Cleveland, Ohio, TransDigm Group Inc.designs, produces, and supplies engineered aircraft components for use on commercial and military aircraft. The company operates principally in the US. Major competitors of the company are Goodrich Corp. (GR), Honeywell International Inc. (HON) and United Technologies Corp. (UTX).
We maintain a Neutral rating on TransDigm with a Zacks #2 Rank (short-term Buy recommendation).
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