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AGC Aerospace & Defense Announces the Addition of Hill AeroSystems Inc. to the AGC Composites Group

Dépèche transmise le 22 mars 2012 par Business Wire

OKLAHOMA CITY--(BUSINESS WIRE)--AGC Aerospace & Defense is pleased to announce the acquisition of Hill AeroSystems Inc. Hill, established in 1970, is an industry expert in the design and manufacture of complex metal parts and assemblies and will add key structures capabilities to the AGC Composites Group core competencies and supply chain capabilities.

“That was of primary importance to me as we made the decision to move forward with AGC. I look forward to continuing my leadership role to ensure the continued success of the company as we align ourselves within the AGC Composites Group.”

Al Haase, CEO of the AGC Composites Group, said, “This acquisition will enhance the capabilities within our Composites Group by providing high quality metal machining and structures assembly skills, which combined with our composites expertise, will allow us to deliver complex metal and composites assembly structures to our customers. We are pleased that the management team, led by Steve Hill, will remain with the company and will continue to deliver value to our customers.”

“From a strategic standpoint, this is the first of many planned acquisitions that our recent partnership with The Edgewater Funds was designed to achieve,” said AGC managing partner Rick Nagel. “Pursuing opportunities such as Hill will continue to play a part of our long-term growth strategy in the aerospace industry.”

“This transition was in the best interest of the company and its stakeholders as we are now positioned to leverage the strength and capability of the AGC brand,” stated Steve Hill, president of Hill AeroSystems. “AGC’s management places real value on employees and their families,” said Hill. “That was of primary importance to me as we made the decision to move forward with AGC. I look forward to continuing my leadership role to ensure the continued success of the company as we align ourselves within the AGC Composites Group.”

Hill specializes in structural and non-structural metal assemblies that often require complex program management and manufacturing processes. Hill is an approved and reliable source for Aircraft Structural Fusion Welding in virtually all alloys and is a fully certified AS 9100 C and NADCAP approved company.

Specific details regarding the transaction were not disclosed. The assets of Hill were acquired by the AGC Composites Group, and the business will do business as Hill AeroSystems, an AGC Aerospace & Defense Company, going forward.

Hill AeroSystems Inc. has been in business since 1970 and is an aerospace parts and assemblies producer with diverse manufacturing capabilities and state-of-the-art equipment. Hill AeroSystems specializes in difficult to produce assemblies, has a strong history of committed support of both inside/outside of production airframes, and serves both Military and Commercial markets.

The AGC Composites Group, part of the AGC Aerospace & Defense portfolio, is jointly owned by The Edgewater Funds and Acorn Growth Companies. The group is composed of Unitech Composites, Integrated Composites and Hill AeroSystems and leverages the strength of its design, engineering, development, and manufacturing capabilities from the separate companies working as part of one group. The AGC Composites Group provides innovative design services, quick turnaround tooling, as well as the ability to efficiently manufacture both low volume as well as high volume production at competitive rates.

AGC Aerospace & Defense, the unifying brand of private equity group Acorn Growth Companies, is a global supplier of technologies, systems and services that support key commercial and military programs. Capabilities within the AGC Aerospace & Defense portfolio range from financing, engineering, and integration services to manufacturing, logistics, and aircraft modifications. AGC Aerospace & Defense is organized into four operating groups: Composites, Finance, Integrated Defense, and Services.

For additional information about AGC Aerospace & Defense, please visit www.agcaerospace.com.