NEW YORK (AP) — TransDigm Group Inc. said Monday it bought Acme Aerospace Inc. from a subsidiary of Actuant Corp. for about $40 million in cash.
Acme has annual sales of about $18 million from sales of lightweight, high-power battery chargers, power supplies and backup power systems to commercial and military aerospace customers.
The company, which employs about 90 people at its Tempe, Ariz., facility, receives most of its revenue from the Boeing 777 program.
Actuant — which announced separately it was selling its BH Electronics business for undisclosed terms — plans to use proceeds from both transactions to pay down debt and will post a gain on the sales of about $15 million.
In morning trading shares of TransDigm fell 70 cents to $37.45 while Actuant, which is based in Butler, Wis., slipped 6 cents to $12.14.
Filed Under: Aerospace + defense