Shimtech Industries, a Middlesex-based specialist international aerospace group, has agreed to acquire Performance Plastics for an undisclosed sum.
Founded on composite manufacturing expertise, and based in San Diego, California, PPI has been manufacturing and supplying high value, precision-engineered aero structure components and assemblies to major aerospace OEMs for over thirty-five years.
Supporting a broad range of commercial and military aerospace programs for both production build and spares requirements, current PPI customers include Boeing, Lockheed Martin and Northrop Grumman.
The acquisition, which will be funded entirely from internal resources, will form a separate Composite Engineered Structures division within Shimtech, alongside the existing Gap Management & Alignment and Sealing & Gasket Solutions divisions. The transaction is expected to complete by the end of October 2013.