29th Jan 2016 07:58
LONDON (Alliance News) - Avingtrans PLC on Friday said its Sigma Components aerospace business has acquired the internal pipe manufacturing unit of blue-chip engine maker Rolls-Royce Holdings PLC.
Avingtrans will pay GBP3.5 million to acquire the unit, which has factories in Nuneaton in the UK and in Xi'an in China, and will fund the deal from existing debt facilities.
Avingtrans, which makes components for the aerospace, medical and energy sectors, said the deal will boost its manufacturing presence in the UK and China and will boost its position on several key engine programmes, notably Rolls-Royce's Trent XWB engine.
"This acquisition is a key part of our strategy to support Sigma's growth with investment in businesses and technologies that complement our existing capabilities. We are delighted to be working with Rolls-Royce on these major programmes," said Avingtrans Chief Executive Steve McQuillan.
By Sam Unsted; [email protected]; @SamUAtAlliance
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