Spirit AeroSystems has signed a definitive agreement to acquire S.R.I.F. N.V., the parent company of Asco Industries, N.V. (Asco), for US$650m in cash, subject to customary closing adjustments, including foreign currency adjustments.
Asco is a leading supplier of high lift wing structures, mechanical assemblies and major functional components to major OEMs and Tier-1 suppliers in the global commercial aerospace and military markets. Spirit expects to finance the acquisition through new debt.
“Asco is a compelling fit for Spirit that aligns extremely well with the strategic priorities we have been communicating. Specifically, it expands our Airbus content on A320 and A350 wings, adds new defense content on the F-35 and broadens our commercial capabilities to help grow our fabrication business,” said Spirit President and CEO Tom Gentile. “We are pleased to acquire a business of this scale that has such an outstanding reputation with its customers dating back to 1954 and a strong management team led by CEO Christian Boas, who will remain with the business following the closing.”
Asco employs approximately 1,400 people across four manufacturing sites comprising over 1.5 million ft² including: Vancouver and Stillwater, Oklahoma in North America, Gedern, Germany, and its headquarters in Zaventem, Belgium, in Europe.
The transaction, which is expected to close in the second half of 2018, is subject to regulatory approvals and customary closing conditions.
