Business Services Industry
Volvo Aero acquires US aircraft components maker Aero-Craft
Nordic Business Report, Sept 2, 2004
NORDIC BUSINESS REPORT-2 September 2004-Volvo Aero acquires US aircraft components maker Aero-Craft(C)1994-2004 M2 COMMUNICATIONS LTD http://www.m2.com
The Swedish aircraft and rocket engine components developer and manufacturer Volvo Aero, part of Volvo Group, said on Thursday (2 September) that it had agreed to acquire the US company Aero-Craft for an undisclosed sum.
Aero-Craft, located in Hartford in Connecticut, manufactures components for gas turbines and aircraft engines. The company has 35 employees and sales of USD5m.
The acquisition is part of a strategic alliance within fan cases with the forged components manufacturer Carlton Forge Works.
"This is a logical expansion, both technically and from a manufacturing standpoint and is in line with Volvo Aero's strategy of specialising in fan cases. At the same time, we can take advantage of Carlton's advanced technology which already has a strong position in the area of materials," said Fred Bodin, president of Volvo Aero.
One US dollar (USD) is worth approximately 0.55 British pounds (GBP).
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