MISSISSAUGA, Ontario, Aug. 31 (UPI) -- Canada's Magellan Aerospace Corp. has acquired a British engineering company, expanding its European manufacturing operations.
The company taken over is John Huddleston Engineering Ltd., a supplier of precision machined aerospace components with facilities in Great Britain, Northern Ireland and Poland.
"This acquisition is part of Magellan's global growth strategy to invest in opportunities that complement our business and strengthen Magellan's core manufacturing operations," said James S. Butyniec, president and chief executive officer of Magellan Aerospace Corp.
"The JHE acquisition provides additional capacity and engineering resources to enable us to support the growth in key customer programs."
Magellan didn't disclose the financial terms of the transaction but said it was funded out of working capital.
JHE operations will be integrated and managed through Magellan's U.K. operations.
JHE in the past has been a strategic supplier to Magellan of precision machined structural components. Its revenues for the financial year ending March 31 were about $25 million.
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