CLEVELAND, May 15 (UPI) -- Arkwin Industries Inc., a U.S. company manufacturing aerospace hydraulic and fuel system components, is being bought by TransDigm Group Inc.
The deal -- subject to regulatory approval and customary closing conditions -- is worth $286 million in cash and is expected to be completed in the third quarter of this year.
"Arkwin is a long standing manufacturer of proprietary products with established positions on high-use platforms, strong aftermarket content and an outstanding reputation," said W. Nicholas Howley, chairman and chief executive officer of the TransDigm Group.
"The highly engineered products will allow us to expand our content on a number of substantial platforms and engine applications. Arkwin fits well with our consistent product and acquisition strategy.
"As with all TransDigm acquisitions, we see opportunities for significant value creation," he said.
Major military end-use platforms for Arkwin products include the Lockheed F-35 JSF, C-130 and F-16; Sikorsky's SH-60, S-76 and S-92 helicopters; and Boeing's CH-47 helicopter and F/A-18 fighter.