ESSEN, Germany, Aug. 1 (UPI) -- The British firm The Waterjet Group has been acquired by ThyssenKrupp Aerospace for an undisclosed price.
The transaction between ThyssenKrupp Aerospace's British subsidiary and The Waterjet Group closed Wednesday.
"The acquisition of The Waterjet Group has strategic advantages for us," said Jurgen Funke, president of Germany's ThyssenKrupp Aerospace. "We have been successfully operating waterjet cutting facilities in the USA, Canada, Australia and Finland. The U.K. is a logical extension of these services.
"This integration will significantly strengthen our offering to our global customer base, especially to customers in the U.K."
The Waterjet Group is a leading waterjet cutting company for the aerospace industry and also processes a wide range of materials and sizes for an international customer base. It will now be integrated into ThyssenKrupp Aerospace's global network for supply of aerospace materials.
"We expect the combination of The Waterjet Group's and ThyssenKrupp Aerospace's expertise to deliver further productivity improvements and [business] growth opportunities," said John Ferguson, managing director of ThyssenKrupp Aerospace U.K. "The special focus on improving near net shape cutting, thus improving the metal-utilization" is part of the company's strategic goal.