TransDigm Ramps Up Aftermarket-Focused Aerospace & Defense Testing Services Via Calspan Deal - TransDigm Gr (NYSE:TDG)

TransDigm Group Inc TDG has agreed to acquire Calspan Corporation, a Buffalo, New York-based provider of highly engineered testing and technology development services and systems. Financial terms were not disclosed.
Calspan operates from seven facilities across the states of New York, Virginia, Minnesota and California. Calspan employs ~625 people and is expected to generate ~$200 million in revenue for FY23.
"As with all TransDigm acquisitions, we expect the Calspan acquisition to create equity value in-line with our long-term private equity-like return objectives," commented Kevin Stein, TransDigm's President and CEO.
The acquisition is expected to close during TransDigm's fiscal 2023.
TransDigm expects to finance the deal with existing cash on hand. It held cash and equivalents of $3.29 billion as of Dec. 31, 2022.
Price Action: TDG shares traded higher by 3.76% at $729.07 on the last check Tuesday.