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ADI sold to company in Oregon

Posted: March 20, 2014 7:05 p.m.
Updated: March 20, 2014 9:05 a.m.

Aerospace Dynamics International has been puchased by Oregon-based Precision Castparts Corp. in a multi-million transaction.

 

Aerospace Dynamics International in Santa Clarita has been purchased by Portland, Oregon-based Precision Castparts Corp. for $625 million.

The announcement was made by Castparts on Wednesday. A spokesperson said it’s a cash acquisition, which will be treated as the acquisition of assets for tax purposes.

The transaction, subject to regulatory approval, is expected to be completed during the first quarter of 2015. Aerospace Dynamics – ADI - had been part of The Marvin Group.

"ADI is an acquisition we have pursued for several years," said Mark Donegan, chairman and chief executive officer of Castparts in a statement to the media.

Founded in 1989, and specializing in large complex components, hard metal machining, and critical assemblies, ADI has significant contracts with French-based company Airbus.

In October 2012, ADI broke ground to build a new 88,000 square foot building on Rye Canyon in Valencia to serve as the manufacturing production facility for Airbus, which produces nearly one-half of the world’s jet airlines.

The contract with Airbus was an economic shot in the arm, said Bill Barritt, chief financial officer with ADI at the groundbreaking.

As of the date of the transaction, ADI had 625 employees, according to Castparts.

"They have invested in world-class facilities and developed large part capabilities that will expand our aero structures product offering and role on next-generation aircraft,” Donegan said.

Precision Castparts Corp. is a worldwide, diversified manufacturer of complex metal components and products, serving the aerospace, power, and general industrial markets.

There was no information at press time as to how the acquisition would affect ADI’s local operations, staffing or management team. Executives from ADI were not available for comment either.

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