28th February 2006
BBA GROUP PLC
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 and overhaul services for the aviation industry.
Ontic focuses exclusively on developing product licensing agreements
with original equipment manufacturers (OEMs). Through these agreements,
it takes on full aftermarket supply and support responsibility for
particular products or services.
Companies with which it has agreements include Honeywell, Hamilton
Sundstrand, Goodrich, Woodward, Eaton, Moog, HR Textron and Parker
Hannifin. The company’s portfolio includes more than 3,500 top-level
parts and assemblies used on a wide range 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 Aviation Services Group’s component repair, overhaul and distribution business which also includes International Turbine Service (ITS) Barrett Turbine Engine Company and International Governor Service.
The enlarged component repair, overhaul and distribution business, including Ontic, will generate annual revenues of more than $100m.
Michael Harper, BBA Group Chief Executive, said: “This is an
important acquisition for us because it makes BBA a leading niche
player in component repair, overhaul and distribution. It ensures
we occupy a strong and highly differentiated position in one of the
fastest growing segments of aviation aftermarket services.”
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Enquiries:
Michael Harper, Chief Executive
Andrew Wood, Finance Director
BBA GROUP PLC 020 7514 3999
Mike Smith
Lucie Anne Brailsford
BRUNSWICK 020 7404 5959
