FARMINGTON, Conn., 4 June 2012. EDAC Technologies Corp. (NASDAQ:EDAC), a diversified designer, manufacturer, and servicer of precision components for aerospace applications, has acquired EBTEC Corp., a provider of advanced precision manufacturing processes and fabrication solutions to the aerospace community.
The purchase price was approximately $11 million, of which $1.65 million has been paid in EDAC stock, with the balance funded by financing through TD Bank N.A. EBTEC, privately-owned and headquartered in Agawam, Mass., achieved sales of $12.6 million in 2011.
EBTEC pioneered the development of non-contact, high energy beam (HB) technologies with the Apollo Space Program, says a representative. EBTEC is a certified supplier to major aerospace and industrial OEMs.
“EBTEC fabricates finished components, which immediately expands our product line with additional parts for aircraft engines and ground-based turbines, markets we currently serve. In addition, EBTEC makes components and products used by manufacturers of semiconductors and medical devices, which opens up new markets to EDAC. This acquisition also efficiently expands our manufacturing footprint as EBTEC's two facilities in Massachusetts are close to our own operations,” Dominick A. Pagano, president and chief executive officer of EDAC Technologies, says.