ITT completes acquisition of Matrix Composites
The acquisition expands ITT’s product portfolio to include aerospace composite technologies.
Matrix Composites Inc. (Rockledge, Fla., U.S.) has been acquired by energy, transportation and industrial manufacturing company ITT Inc. (White Plains, N.Y., U.S.). Matrix, a specialty aerospace component manufacturer located on the Florida Space Coast, has more than two decades of experience specializing in the manufacture of precision composite components for next-generation, high-growth aircraft and aircraft engine platforms.
ITT says that the acquisition aligns with its growth strategy focused on enhancing its product portfolio with innovative, technologically differentiated businesses. Matrix Composites will expand ITT Connect and Control Technologies' core aerospace product and technology capabilities.
“This acquisition expands our ability to serve our aerospace customers with a broader set of capabilities in the composites space,” says Luca Savi, ITT CEO and president. “We look forward to Matrix joining ITT and to continuing to grow within the aerospace business.”
“Matrix Composites significantly enhances our composite portfolio and expands our aircraft engine content. We look forward to leveraging our combined strengths to build on Matrix Composites' entrepreneurial spirit and growth-oriented track record,” says Farrokh Batliwala, president of ITT Connect and Control Technologies.
The transaction, valued at $29 million, was funded from the company's cash and is expected to be accretive in the first year. The transaction value includes an earnout and is subject to customary working capital adjustments.