Héroux-Devtek, a leading international manufacturer of aerospace products, has successfully completed the acquisition of all the shares of Beaver Aerospace & Defense and its wholly-owned subsidiary PowerTHRU, from Phillips Service Industries for a purchase price of US$23.5 million including a US$3.5 million balance of sale payable over the next two years and, subject to final working capital adjustments. The transaction was funded through the Corporation’s available cash on hand.
Founded in 1952, Beaver is a vertically integrated manufacturer with a growing portfolio of company-designed products. It designs and manufactures custom ball screws from a variety of materials based on customer and application requirements as well as designs, manufactures, assembles and tests electromechanical actuators.
Beaver operates three facilities totalling 82,200 ft² in Livonia, Michigan and employs approximately 100 people. It generates annual revenues of approximately US$30 million, of which about two thirds are derived from the defence sector.
