Avcorp Industries Inc has completed its acquisition of the composite aerostructures division of Carbon Composites Inc, a subsidiary of SGL Carbon.
The acquisition, which was first announced in July 2015, will reportedly double Avcorp's revenue and expand its carbon composite manufacturing capabilities.
Avcorp will receive approximately US$58 million in cash and payment commitments from SGL, the parent company of Hitco and receive in kind supplies and/or payments totaling up to US$7 million through December 31, 2016. Hitco's production is expected to contribute US$93 million in new revenue for Avcorp on an annual basis, while the Hitco Aerostructures division has been operating at a loss.
The division will be renamed Avcorp Composite Fabrication (ACF).
This story uses material from Avcorp, with editorial changes made by Materials Today. The views expressed in this article do not necessarily represent those of Elsevier.