On June 14, 2010, Satair announced the signing of a preliminary agreement to
acquire all the assets and activities of Aero Hardware, Florida, USA and the
parties have concluded the deal of this acquisition today.
The parties have agreed on a total price of USD 13.5 million of which goodwill,
etc. is expected to account for approx. USD 8.0 million. USD 8.5 million will
be paid at the signing of the contract, while the remaining USD 5.0 million
will be converted into an interest free loan to be repaid in August 2011.
The effect on Satair's revenue and earnings will be included in the guidance
for 2010/11 to be announced on September 14, 2010 together with Satair's Annual
Report 2009/10. The acquisition is estimated to give a revenue contribution of
approx. USD 16 million for the first 12 months.
”The decision to acquire Aero Hardware builds upon a number of strategic
considerations: besides supporting the fulfilment of Satair's growth ambitions
it will help expand our product offerings and strengthen relations with Eaton
Aerospace, one of our biggest suppliers. It also holds an attractive potential
for generating additional sales of Aero Hardware's products, as they can now be
sold through Satair's global sales organization and are used in practically all
types of aircraft. This makes the acquisition a unique fit for our strategy”,
explains John Stær, CEO of Satair.
About Aero Hardware and the integration into Satair
Aero Hardware specializes in the production of hydraulic hoses for the
aerospace industry, and its special competencies give it access to a very broad
product portfolio. Raw materials and components are bought in from Eaton
Aerospace to be adapted to the specific needs of the customers. The products
are used in all Airbus and Boeing aircraft as well as in practically all other
types of aircraft, both large and small.
The products have been sold primarily to the commercial Aftermarket, to small
aircraft manufacturers (OEMs) and to the military segment in North and South
America. Satair has mainly been supplying Aftermarket customers in Europe and
Asia with comparable products from Eaton.
The company's operations will remain at the current location in Miami and will
be made an integral part of Satair USA Inc.
Aero Hardware has 27 employees.
Further information
CEO John Stær, tel. +45 3247 0104, e-mail: jst@satair.com or CFO Michael
Højgaard, tel. +45 3247 0126, email: mih@satair.com.
