General Donlee Canada bought by Triumph Group
By CANADIAN PRESSGeneral Aerospace acquisition Aerospace
Canadian precision-machining company sees sale as growth opportunity.
General Donlee Canada Inc. has agreed to sell all of its issued and outstanding common shares to American company Triumph Group, Inc.
The transaction is worth approximately $114 million and General Donlee’s board is recommending that its shareholders vote in favour of the deal at a special meeting scheduled to be held in October.
Toronto-based General Donlee manufactures precision-machined products for commercial, military, and general aerospace clients as well as the nuclear, power generation and oil and gas markets.
Triumph, based in Berwyn, Pa., designs, manufactures, repairs and overhauls a broad array of aerostructures, aircraft components, accessories, subassemblies and systems.
“We believe this transaction represents an opportunity to crystallize substantial value for our shareholders,” said General Donlee president and CEO Garen Mikirditsian. “The combination with Triumph is a strategic step that will provide the company with the scale and financial resources to best take advantage of the growth opportunities available to it.”
© 2013 The Canadian Press