CLEVELAND, June 23, 2016 /PRNewswire/ -- TransDigm
Group Incorporated (NYSE: TDG) announced today that it has
completed the acquisition of ILC Holdings, Inc., the parent company
of Data Device Corporation ("DDC"), from Behrman Capital for a
total purchase price of $1.0 billion
in cash. TransDigm financed the acquisition with cash proceeds
from the recently completed term loan and notes offerings.
The acquisition of DDC was previously announced on May 24, 2016.
DDC is a leading supplier of databus and power controls and
related products that are used primarily in military avionics,
commercial aerospace and space applications. The company's
core MIL-STD-1553 databus product
line has a large installed base of systems worldwide that spans
hundreds of unique military and commercial platforms. DDC
revenues are anticipated to be over $200
million for the fiscal year ending December 2016 with approximately 75% coming from
the defense market and the remainder primarily from the commercial
transport market. Approximately 70% of revenue is derived
from the aftermarket, with nearly all of the revenue from
proprietary and sole source products. Approximately 45% of revenue
is derived from customers outside of the United States. The
business employs 650 employees in its various locations
worldwide.
About TransDigm Group
TransDigm Group, through its wholly-owned subsidiaries, is a
leading global designer, producer and supplier of highly engineered
aircraft components for use on nearly all commercial and military
aircraft in service today. Major product offerings, substantially
all of which are ultimately provided to end-users in the aerospace
industry, include mechanical/electro-mechanical actuators and
controls, ignition systems and engine technology, specialized pumps
and valves, power conditioning devices, specialized AC/DC electric
motors and generators, NiCad batteries and chargers, engineered
latching and locking devices, rods and locking devices, engineered
connectors and elastomers, cockpit security components and systems,
specialized cockpit displays, aircraft audio systems, specialized
lavatory components, seatbelts and safety restraints, engineered
interior surfaces and related components, lighting and control
technology, military personnel parachutes, high performance hoists,
winches and lifting devices, and cargo loading, handling and
delivery systems.
Forward-Looking Statements
Statements in this press release that are not historical facts
are forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995.Words such as "believe,"
"may," "will," "should," "expect," "intend," "plan," "predict,"
"anticipate," "estimate," or "continue" and other words and terms
of similar meaning may identify forward-looking statements.
All forward-looking statements involve risks and uncertainties
which could affect TransDigm Group's actual results and could cause
its actual results to differ materially from those expressed or
implied in any forward-looking statements made by, or on behalf of,
TransDigm Group. These risks and uncertainties include but are not
limited to failure to complete or successfully integrate the
acquisition; that the acquired business does not perform in
accordance with our expectations; and other factors. Further
information regarding important factors that could cause actual
results to differ materially from projected results can be found in
TransDigm Group's Annual Report on Form 10-K and other reports that
TransDigm Group or its subsidiaries have filed with the Securities
and Exchange Commission. Except as required by law, TransDigm Group
undertakes no obligation to revise or update the forward-looking
statements contained in this press release.
Contact:
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Liza Sabol
|
|
Investor
Relations
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(216)
706-2945
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ir@transdigm.com
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SOURCE TransDigm Group Incorporated