Senior buys aero engineer

28th Mar 2011 08:14

Engineer Senior has been hitting the acquisition trail in the USA, buying a Boeing aircraft engineer specialist. The company is paying around $24.5m for the Damar Machine Company, a privately held business based in Washington DC, that is principally a manufacturer and integrator of precision machined parts and assemblies for the commercial aerospace industry.The company specialises in air beams, wing skins, stow-bin parts, interior decorative assemblies, panels and bulk-head components, manufactured from aluminium, titanium and other specialist metals.The consideration is being paid through a combination of an upfront cash payment, the assumption of net debt on acquisition and a payment dependent upon the level of working capital in the business at completion.In 2010 Damar reported sales of $25.6m and profit before interest, tax and depreciation of $3.1m. The acquisition is expected to be immediately earnings enhancing."Damar's capabilities, combined with Senior's wider market access, financial strength and operational excellence focus, are expected to lead to stronger growth prospects and improved operational performance, benefiting customers, employees and shareholders alike," said Senior's group chief executive, Mark Rollins.- - -jh