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DALLAS, MAY 14, 2003 - Vought Aircraft Industries, Inc. announced today that it has entered into an agreement to merge with The Aerostructures Corp., a company that designs and manufactures airframe structures. The transaction is expected to close by July 1, subject to regulatory approval. Terms of the agreement were not disclosed.
"This builds upon our position in the aerospace industry as a leading provider of aerostructures," said Vought President and CEO Tom Risley. "By combining operations, we will be expanding our customer base and be positioned for continued growth."
The Aerostructures Corp. is based in Nashville, Tenn., and also has manufacturing sites in Brea, Calif., and Everett, Wash. It employs approximately 1,400 people nationwide and has annual sales exceeding $300 million. Its primary customers include Airbus, Lockheed Martin, Gulfstream and Bell Helicopter.
"Our strengths will complement the Vought team, " said Aerostructures Vice President and General Manager David Walker. "This combination provides synergies that we will be able to leverage in the global marketplace."
Vought Aircraft Industries, Inc. (www.voughtaircraft.com) is the world's largest independent supplier of aerostructures. Headquartered in Dallas, the company provides wings, fuselage subassemblies, empennages, nacelles, thrust reversers and other components for prime manufacturers of aircraft. Vought has more than 5,000 employees and annual sales exceeding $1 billion. Vought's primary customers include Boeing, Gulfstream, Lockheed Martin and Northrop Grumman. It has operations in Dallas; Hawthorne, Calif.; Stuart, Fla.; and Milledgeville, Ga.
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