Howmet Aerospace has entered into an agreement to acquire Consolidated Aerospace Manufacturing (CAM), a global designer and manufacturer of precision fasteners, fluid fittings and other complex, highly engineered products for demanding aerospace and defence applications. The company will be acquired from Stanley Black & Decker for an all-cash consideration of approximately US$1.8 billion. The transaction is expected to receive favourable federal tax treatment, resulting in a significant tax benefit for Howmet.
Howmet expects CAM to generate revenue of approximately US$485–495 million in FY 2026, with an adjusted EBITDA margin exceeding 20% prior to the realisation of synergies. The combined impact of synergies and the aforementioned tax benefit is expected to result in an FY 2026 adjusted EBITDA transaction multiple of approximately 13x.
The transaction is expected to complete in the first half of 2026, subject to customary closing conditions and regulatory approvals.
