TransDigm To Buy Calspan Corp.

(RTTNews) - TransDigm Group Inc. (TDG), an aerospace company, said on Tuesday that it has inked a deal to buy Calspan Corporation, an engineering service provider for aerospace and defense industry. Financial terms of the deal are not known.

Kevin Stein, TransDigm's CEO, said, "We are excited about the acquisition of Calspan. We see opportunity for TransDigm's proven operating model to enhance the company's established positions across a diverse range of aftermarket-focused aerospace & defense development and testing services…"

TransDigm added that it expects the acquisition to create equity value in-line with its long-term private equity-like return objectives. The deal, to be financed through existing cash on hand, is expected to be closed during TransDigm's fiscal 2023.

Calspan is anticipated to post revenue of around $200 million for the year to December 31, 2023. Headquartered in Buffalo, Calspan functions from seven primary facilities across the states of New York, Virginia, Minnesota and California.