EADS eyeing Toronto aero firm
by The CANADAN PRESS
Europe's largest aerospace company is in the buying mood, and a Toronto company is tops on the list
TORONTO—Vector Aerospace Corp. stock jumped to a record high after the Canadian aircraft repair and overhaul company announced it’s in exclusive talks that may lead to a takeover by the company that owns Airbus.
With it’s stock prices soaring on the news, Vector would be worth about $576 million.
Vector had previously acknowledged it had received "preliminary expressions of interest" from a number of parties and said Thursday that it’s now in exclusive talks with EADS NV.
Both companies said there’s no assurance that a deal between them would be completed. Neither of them revealed what offer is being considered.
Vector employs a total of about 2,500 people at facilities in Canada, the U.S., the U.K. and Africa.
It serves commercial and military customers by repairing gas turbine engines, components and helicopter airframes.
EADS, which also acknowledged it’s in exclusive talks with Vector, is Europe’s largest aerospace group. It includes commercial airline manufacturer Airbus, Eurocopter, Astrium and Cassidian.