Canadian aerospace firm in £78m swoop for APPH
LANDING gear firm APPH has been acquired from BBA Aviation by Canadian aerospace manufacturer Heroux-Devtek in a £78.3m deal.
APPH is headquartered in Runcorn and has around 400 employees. It also has facilities in Bolton and the US.
In the 12 months to December it had revenues of around £47m and operating profit of £4.4m.
BBA Aviation said it will use the proceeds to reduce net borrowings and is considering returning cash to shareholders.
Chief executive Simon Pryce said: “APPH is the only part of BBA Aviation that is focused on product design and development, with significant manufacturing activities and a higher fixed cost base than the rest of the group.
“APPH has made significant operational and financial improvements over the last two years. It has a leading position in its market and a range of growth opportunities, the pursuit of which is better undertaken under ownership more aligned to its products and markets.”