MOTHERWELL, Scotland, April 4, 2016 /PRNewswire/ --
-International Aerospace Engineering Group Concludes Latest Deal and First Since Investment From New Private Equity Partner Blackstone-
International aerospace engineering group MB Aerospace has completed its latest acquisition, of Centrax Turbine Components based in Devon, England.
It is the first acquisition for MB Aerospace following recent investment support from new private equity partner Blackstone and will see the 430-staff turbine components firm, part of the wider Centrax Group, rebranded MB Aerospace Newton Abbot and continuing operations at the same site.
Centrax Turbine Components is a longstanding family business which manufactures turbine engine components on a single site and is entering its 70th year of development by the Barr family. Its acquisition takes the MB Aerospace Group to around 1,400 staff across the Devon location in addition to existing facilities in Hartford - Connecticut, Detroit - Michigan, Rzeszów - Poland and across the rest of the UK.
Craig Gallagher, MB Aerospace chief executive officer, said: "The acquisition of Centrax Turbine Components is a perfect fit for the MB Aerospace group strategy, enhancing our customer diversification, addressing new capabilities of highly-engineered rotating components in the compressor and turbine sections of the engine as well as bringing many special process technologies and capabilities to our operations in the UK.
"Having carved out a high-tech manufacturing solution for performance critical components on the LEAP aero-engine as well as being a trusted partner to key global OEMs on a range of market leading aero-engines we are delighted that the Barr family and management have placed trust in MB Aerospace to propel this truly world-class business on the next phase of its journey."
Robert Barr, Centrax chief executive, added: "Through nearly 70 years of sustained investment and technological development the Barr family have been proud to lead the aerospace manufacturing operations of Centrax Turbine Components here in Devon. In MB Aerospace we have found a custodian which shares our values and commitment to the region, as well as the significant pool of high-tech manufacturing expertise we have built up through time. We will watch their progress and growth of the operation with renewed excitement for the future and the potential of this great business."
Serving the aero-engine and industrial gas turbine market, Centrax's key customers include Rolls-Royce, Snecma and Solar on a wide range of end platforms such as Airbus A320 NEO, Boeing 737 and a series of Embraer regional jets on the commercial side alongside military programmes such as the well-established Hercules 130J and the Osprey V22.
Centrax Turbine Components will be rebranded as MB Aerospace Newton Abbot from today and will focus on the automated machining, grinding and robotic polishing of critical highly engineered rotating gas-path components. The business possesses seven NADCAP approvals including vapour phase aluminising, laser welding, heat treatment and vacuum brazing.
MB Aerospace plans to invest specifically in the business to enhance customer performance through increased capacity and provide customers with greater technological development resources for leading edge technologies using core engineering skills of the business.
The Centrax Group will retain the Gas Turbines Division which specialises in the manufacture and lifetime support of distributed power supply systems.
MB Aerospace was advised by Morgan Stanley & Co. LLC.
About MB Aerospace - MB Aerospace is a leading Tier 1 supplier of precision aero-engine components directly serving major aero-engine OEMs and leading tier 1 suppliers. MB Aerospace's focus on complex high value-add fabricated assemblies and large-diameter, high-value machined components leverages a depth of technical and engineering understanding across the full range of materials, manufacturing processes and customer approvals to be a truly trusted and scaled partner to the main aero-engine OEMs. MB Aerospace has developed a highly attractive global operating footprint across five main manufacturing hubs in the U.S., Poland and the U.K. with proximity to all key OEM and Tier 1 customers.
SOURCE MB Aerospace