Aug. 31, 2012, Mississauga, Ont. - Magellan Aerospace Corporation announced today that it has completed the acquisition of John Huddleston Engineering Limited. JHE is a leading European supplier of precision machined aerospace components with facilities in Great Britain, Northern Ireland and Poland.
With the acquisition of JHE, Magellan is strengthening and enhancing its core manufacturing capabilities and further expanding its European operations. Over the last five years, JHE has made significant investments in the latest high speed 5-axis machining equipment. In addition, JHE has been a strategic supplier to Magellan of precision machined structural components. JHE's revenues for the financial year ending March 31, 2012 were approximately $25 million, which includes approximately $3.6 million revenue from the deliveries to Magellan. The acquisition was funded out of Magellan's working capital. JHE operations will be integrated and managed through Magellan's UK operations.
Mr. James S. Butyniec, President and CEO of Magellan Aerospace Corporation said, "This acquisition is part of Magellan's global growth strategy to invest in opportunities that complement our business and strengthen Magellan's core manufacturing operations. The JHE acquisition provides additional capacity and engineering resources to enable us to support the growth in key customer programs."
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