Magellan buys U.K. aerospace machining firm
Magellan said the move will enhance its core manufacturing capabilities and expand its European operations
MISSISSAUGA, Ont.—Magellan Aerospace Corp. has acquired long-time supplier John Huddleston Engineering Ltd. (JHE), a precision machining firm supplying the aerospace industry with facilities in the U.K., Ireland and Poland.
Magellan said the move will enhance its core manufacturing capabilities and expand its European operations, as JHE has made significant investments in high-speed 5-axis machining.
JHE’s revenues for the fiscal year ending March 31, 2012 were approximately $25 million, which includes approximately $3.6 million revenue from deliveries to Magellan.
The acquisition was funded out of Magellan’s working capital, but transaction details were not disclosed.
Based in Mississauga, Ont., Magellan Aerospace engineers and manufactures engine and aerostructure assemblies and components for aerospace markets, advanced products for military and space markets, and complementary specialty products with operating units in Canada, the U.S., the U.K. and India. Magellan posted second quarter profits of $23 million with market capitalization of 228.76 million
JHE machines aerospace components using the latest high speed machining technology in facilities in Belfast and Blackpool, UK. JHE’s treatment facility in Mielec, Poland handles surface treatment processes.