28th Feb 2006 07:03
BBA Group PLC28 February 2006 28th February 2006 BBA ANNOUNCES ACQUISITION OF ONTIC ENGINEERING & MANUFACTURING BBA Group today announces the acquisition for $65m in cash of Ontic Engineering& Manufacturing, a leading global provider of parts, accessories and repair andoverhaul services for the aviation industry. Ontic focuses exclusively on developing product licensing agreements withoriginal equipment manufacturers (OEMs). Through these agreements, it takes onfull aftermarket supply and support responsibility for particular products orservices. Companies with which it has agreements include Honeywell, Hamilton Sundstrand,Goodrich, Woodward, Eaton, Moog, HR Textron and Parker Hannifin. The company'sportfolio includes more than 3,500 top-level parts and assemblies used on a widerange of military, business and commercial aircraft. Annual turnover is about$30m, with very attractive margins. Ontic, which has its headquarters in Chatsworth, California, joins BBA AviationServices Group's component repair, overhaul and distribution business which alsoincludes International Turbine Service (ITS) Barrett Turbine Engine Company andInternational Governor Service. The enlarged component repair, overhaul and distribution business, includingOntic, will generate annual revenues of more than $100m. Michael Harper, BBA Group Chief Executive, said: "This is an importantacquisition for us because it makes BBA a leading niche player in componentrepair, overhaul and distribution. It ensures we occupy a strong and highlydifferentiated position in one of the fastest growing segments of aviationaftermarket services." - END - Contacts: Michael Harper, Chief Executive Andrew Wood, Finance Director BBA GROUP PLC 020 7514 3999 Mike Smith Lucie Anne Brailsford BRUNSWICK 020 7404 5959 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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