14 June 2001
14 June 2001
Ducommun has completed the acquisition of Composite Structures LLC.
Composite Structures had sales in calendar year 2000 of approximately $60 million. The purchase price for Composite Structures, including indebtedness assumed, was approximately $54 million in cash and notes, and remains subject to adjustment based on a closing balance sheet.
Joseph C. Berenato, chairman, president and chief executive officer of Ducommun, stated, ""While the aerospace and defense prime contractors have gone through a period of dramatic consolidation, their subcontractor base remains extremely fragmented. The acquisition of Composite Structures is a great strategic fit for us as it fills out our array of capabilities in aerostructures, as well as vaulting us into the top tier of aerostructures subcontractors, both in terms of size and complex capabilities. It is our intention to pursue larger, value-added assembly contracts as a result of our increased engineering and assembly capabilities.""
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