Tuesday, June 5, 2018

L3 Crestview finds buyer

In a deal expected to be finalized this summer pending regulatory approvals, L3 Crestview Aerospace will be sold to New York investment firm American Industrial Partners as part of a $540 million cash deal. The investment firm will acquire two components of L3 Technologies – Vertex Aerospace, which includes L3 Crestview Aerospace, and TCS. Vertex Aerospace provides aviation logistics and aircraft maintenance, repair and overhaul services, and TCS provides engineering services and logistics support. American Industrial Partners, which focuses on acquiring U.S. and Canadian industrial businesses, has a portfolio that includes Ascent Aerospace, Shape Technologies Group, Optimas, and REV. L3 Technologies announced late last year that the Crestview plant, an aircraft component manufacturer that employs 500 people at Okaloosa Industrial Air Park, was up for sale as part of the company’s shift in focus toward “more profitable businesses.” In addition to the Crestview plant, L3 Crestview Aerospace includes a plant in Chihuahua, Mexico, that produces sheet metal and parts for commercial aircraft. (Sources: L3 Technologies, 05/01/18, Northwest Florida Daily News, 05/25/18) Previous