Aerospace manufacturer acquires another component manufacturer in the Phoenix area
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Two Arizona aerospace component manufacturers say their newly announced merger will create the premier provider of complex precision parts for commercial and defense applications.
Cassavant Machining (CMI), which claims to supply critical components for most commercial, military and business jet platforms in flight today, announced the acquisition of Phoenix-area other company Systems 3, a manufacturer of complex flight safety parts.
Calling the deal a natural, strategic solution, CMI officials said that adding the hundreds of complex, unique pieces to Systems 3 would greatly improve its size, customer relationships and technical capabilities. Systems 3 would be able to leverage CMI’s vertical integration and automation technology, officials said.
CMI manufactures components for engines, APUs, fuel and fluid systems, transmissions, hydraulics and valves. The transaction is the company’s third major acquisition since Los Angeles-based private equity firm Gallant Capital Partners acquired a majority stake in the company last year. CMI previously acquired precision machined component manufacturers Aerostar Aerospace and Warmelin Precision Products.
“We welcome the Systems 3 team to the CMI family and we are very excited about the long-term prospects for CMI,” said Mark McFeely, CEO of CMI, in the announcement. “This acquisition is a huge step towards our goal of becoming the world’s leading supplier to aerospace and defense OEMs.”
The terms of the deal were not disclosed.
Image source: Gorodenkoff / Shutterstock.com
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