Safran completes the acquisition of the Aerospace Power Distribution Management Solutions

by Safran from press release

2014/05/12 | 155 words | AVIATION WORLD NEWS | INDUSTRY / TECHNOLOGY

Safran (NYSE Euronext Paris: SAF) today announces it has completed the acquisition of the Aerospace Power Distribution Management Solutions and the Integrated Cockpit Solutions business of Eaton. The definitive agreement to acquire the businesses and the financial terms of the transaction were announced on January 20, 2014.

The business generated revenues of approximately USD 102 million and EBITDA in excess of USD 14 million in 2013. Aerospace Power Distribution Management Solutions account for around 60% of the activity, and Integrated Cockpit Solutions around 40%. The business employs approximately 350 people at manufacturing facilities in Costa Mesa, California and Sarasota, Florida.

The business will be consolidated by Safran with effect from May 9, 2014. The Aerospace Power Distribution Management Solutions activities will be consolidated within the Aircraft Equipment business. The Integrated Cockpit Solutions activities will be consolidated within the Defence business. These figures were not incorporated in Safran‘s 2014 guidance announced at the presentation of 2013 results on February 20, 2014.

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