EDAC Technologies Announces Acquisition of EBTEC Corporation for $11M
EDAC Technologies Corporation (NASDAQ: EDAC) announced today that it has acquired EBTEC Corporation, a provider of advanced precision manufacturing processes and fabrication solutions to leading aerospace, power generation, industrial, semiconductor and medical customers. Privately-owned EBTEC, which is headquartered in Agawam, Mass., had sales of $12.6 million in 2011.
The purchase price was approximately $11 million, of which $1.65 million has been paid in EDAC stock, with the balance funded by financing through TD Bank N.A.
EBTEC Corporation, which was founded in 1963, pioneered the development of non-contact, high energy beam (HB) technologies with the Apollo Space Program, proving at the time that EB welding could meet the demands that space travel would place on engineered products. Today, in addition to electron beam welding, EBTEC's precision high energy beam processes include laser welding, laser cutting, laser drilling, EDM, vacuum heat treating, and abrasive waterjet cutting, while they also offer comprehensive precision fabrication solutions. EBTEC has an extensive array of equipment, coupled with substantial engineering, metallurgy, quality assurance, program management, and in-house finishing capabilities. EBTEC is a certified supplier to major aerospace and industrial OEMs.
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