Avingtrans aerospace firm makes £2m acquisition
A Derby-based aerospace firm has been sold to designers and manufacturers Avingtrans for a cash consideration of £2m.
The sale was followed by an extended agreement with a customer of the acquired firm, Aerotech Tubes, to maintain a business relationship for at least the next decade.
Avingtrans plc, based in Sandiacre, Nottingham, is a global supplier of aerospace, energy and medical components, and is made up of two main divisions.
The acquired firm, which has an annual turnover of £2.4m, will strengthened Avingtrans portfolio, and allow the company to expand its capabilities.
Mark Johnson, Managing Director of Avingtrans’ Aerospace division said: “Aerotech is another excellent addition that will add further capability to our pipes and manifold business.
“The contracts we have agreed are on major aerospace programmes and provide visibility on revenues whilst also helping to cement our customer relationships.
“This is the second acquisition since the £13.45 million sale of our Jena Tec business and we are delighted that we’ve since been able to add two quality businesses to the Aerospace division for a total of £3.85 million in such a short space of time.
“We look forward to bedding in these two businesses and remain alert to further opportunities.”