The UK’s Smiths Group is extending its aerospace business activities in specialist aircraft engine component fabrication with the acquisition of Connecticut-based Dynamic Gunver Technologies (DGT).
Smiths Group has signed a binding agreement with DGT’s owners to acquire DGT for £60 million, subject to regulatory approvals.
‘This acquisition continues Smiths’ strategy of growth in our major markets,’ said Smiths chief executive, Keith Butler-Wheelhouse. ‘We continue to seek excellent opportunities to strengthen our presence through investing in new technology and new businesses.’
A privately owned manufacturer of aerospace turbine engine components, DGT is said to be an industry leader in complex metal fabrication and welding and laser machining and laser welding technology for aerospace applications, principally for US military engines.