Barely a week after posting record annual profits, McKechnie has announced the first in an expected series of acquisitions, snapping up a US-based jet engine parts maker for £8.8m.
The purchase strengthens McKechnie’s growing presence in the US aerospace aftermarket.
PTM International, based in Florida, supplies the aerospace aftermarket with engine components. Its biggest customer, accounting for almost 80% of sales last year, is the US aerospace parts aftermarket group Arger Enterprises, which McKechnie bought in May.
Chief executive Andrew Walker said senior directors at PTMI would stay with the business after the acquisition is completed.
‘We said at the results that we had £120m to spend on acquisitions, so this has not made a huge dent in that.’
PTMI last year reported pro-forma adjusted profits of £1.1m on turnover of £3.2m. Net assets at completion are estimated to stand at £1.2m.