Last checked at 28 Nov 2022 07:00
Completion of Acquisition of Spencer Aerospace
Further to the announcement dated 9 June 2022, Senior plc is pleased to confirm the completion of the acquisition of substantially all of the assets of Spencer Aerospace Manufacturing, LLC(1) ("Spencer Aerospace" or "the Company"), a leading manufacturer of highly engineered, high-pressure hydraulic fluid fittings for use in commercial and military aerospace applications.
This acquisition enhances Senior's industry-leading fluid conveyance capabilities and is an important step in our strategy to optimise our portfolio and maximise value for shareholders. Integration plans are well defined, and we are now focused on delivering the growth opportunities we have identified.
Commenting on the completion of the acquisition, David Squires, Senior's Chief Executive Officer, said:
"We are delighted to have completed this acquisition and look forward to working collaboratively with Steven and his team. Our combined expertise and market reach will allow us to satisfy existing and new customer requirements for source-controlled fittings and rapidly grow associated revenues."
Steven Spencer, President of Spencer Aerospace, said:
"We are very pleased that we have concluded this transaction and look forward to accelerating the growth of our business as part of the Senior family."
The transaction value and terms are unchanged from our statement issued on 9 June 2022 and the initial consideration of $30M has now been paid.
Notes
(1) | Senior is buying substantially all of the assets of Spencer Aerospace Manufacturing, LLC from Spencer Aerospace Manufacturing, LLC, a subsidiary of Pivotal Manufacturing Group, LLC. |
Further information
Bindi Foyle | Group Finance Director, Senior plc | +44 (0) 1923 714 725 |
Gulshen Patel | Director of Investor Relations, Senior plc | +44 (0) 1923 714 722 |
Richard Webster-Smith | Finsbury Glover Hering | +44 (0) 7796 708 551 |
About Senior
Senior is an international manufacturing group with operations in 12 countries. It is listed on the main market of the London Stock Exchange (symbol SNR). Senior designs and manufactures high technology components and systems for the principal original equipment producers in the worldwide aerospace & defence, land vehicle and power & energy markets. Further information on Senior plc may be found at: www.seniorplc.com
About Senior Aerospace
Senior Aerospace provides high technology products and systems for demanding applications in aerospace & defence and adjacent markets. Our product portfolio spans a wide range of fluid conveyance and thermal management components and sub-systems, as well as complex structural parts and assemblies, for fixed-wing and rotary aircraft, aero-engines, spacecraft and a variety of other industrial applications. With a global footprint, Senior Aerospace manufactures proprietary designed and build-to-print products for customers around the world that meet today's challenges and is actively engaged in developing products and capabilities for a low carbon sustainable future.
About Spencer Aerospace
Spencer Aerospace is an industry leader in high-precision hydraulic fluid fittings for use in commercial and military aerospace applications. The Company specializes in source controlled, standard and proprietary fittings and offers a range of engineering, manufacturing, design and testing capabilities.