Established in 2014 through the merger of Mechtronix and OPNICUS with part of the Textron Systems division, the Textron subsidiary TRU Simulation + Training (TRY Canada) is to sell certain of its non-U.S. businesses to CAE Inc. for US$40 million excluding post-closing adjustments and subject to regulatory approval.
TRU Canada is a Canadian-American manufacturer of flight simulators and training solutions for civil and military markets and the deal includes a backlog of simulator orders, full-flight simulator assets, its Montreal manufacturing operations, its ETOPS entities in France and Malaysia, and a minority interest in a joint venture in Iceland.
This is CAE’s second announced acquisition within the last two weeks, demonstrating the Company’s commitment to deploying the capital it is raising to strengthen the Company’s position across its markets. The acquisition is aligned with CAE’s strategic priorities and meets the strict financial parameters it has in place and should be be accretive to earnings in its first full year.
“We look forward to integrating the TRU Canada business within CAE. This acquisition demonstrates our ability to bolster our position and expand our addressable market and our global customer base during this unprecedented period of disruption. Along with the recently announced FSC acquisition, we have been able to make investments that are expected to better enable CAE to meet the global demands of our customers in support of their training and simulation needs,” said Marc Parent, CAE’s President and Chief Executive Officer.