Aluminum producer Alcoa Inc. (AA: News ) Wednesday said it has completed the acquisition of the aerospace fastener business of TransDigm Group Inc. (TDG: News ) in a $240 million deal.
The transaction is expected to be earnings and cash flow accretive in the first year.
TransDigm's fastener business, which comprises of Valley-Todeco Inc. and Linread Ltd., designs and manufactures fasteners, fastening systems and bearings for commercial military and general aviation aircraft. Around 400 people are employed at TransDigm's three aerospace fastener facilities in Sylmar, California; and Redditch and Leicester, both of the United Kingdom.
The business will become part of Alcoa Fastening Systems, which makes specialty fastening systems, components, and installation tools for aerospace and industrial applications.
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