Engineering technology group Avingtrans has acquired Derby-based Aerotech Tubes for £2m to further expand its aerospace division.
The Nottingham company has also secured a new long-term agreement, valued at £2m a year over the next ten years, with an existing Aerotech customer.
Engineering technology group Avingtrans has acquired Derby-based Aerotech Tubes for £2m to further expand its aerospace division. The Nottingham company has also secured a new long-term agreement, valued at £2m a year over the next ten years, with an existing Aerotech customer.
Aerotech manufactures pipe assemblies and manifolds for leading tier-1 customers in the aero-engine industry. The business, which employs ten staff, reported revenue of £2.4m and an adjusted operating profit of £460,000 for the year ended 31 December 2011.
"Aerotech is another excellent addition that will add further capability to our pipes and manifold business," said Mark Johnson, managing director of Avingtrans' aerospace division. "The contracts we have agreed are on major aerospace programmes and provide visibility on revenues whilst also helping to cement our customer relationships.
"This is the second acquisition since the £13.5m sale of our Jena Tec business and we are delighted that we've since been able to add two quality businesses to the aerospace division for a total of £3.9m in such a short space of time. We look forward to bedding in these two businesses and remain alert to further opportunities."
The acquisition follows Avingtrans' purchase of assets relating to the manufacture of components for PFW UK's Farnborough site earlier in November.
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