Shimtech Industries have announced that it has agreed to acquire Performance Plastics, Inc for an undisclosed fee.
Founded on composite manufacturing expertise, and based in San Diego, California, Performance Plastics, Inc has been manufacturing and supplying aero structure components and assemblies to major aerospace OEMs for over thirty-five years. The companies capabilities include the design and manufacture of autoclave and oven-cured composites, metal/composite bonding, CNC machining, tooling and final assembly of primary and secondary structures. Products manufactured by PPI include aircraft flight control surfaces, radomes, reflectors, doors and access panels, bulkheads, interior panels and a variety of other precision components and sub-assemblies.
Supporting a broad range of commercial and military aerospace programs for both production build and spares requirements, current PPI customers include The Boeing Company, Lockheed Martin and Northrop Grumman.
Commenting on the acquisition, Shimtech CEO, Howard Kimberley said:
We are absolutely delighted to be able to acquire a business of the quality, capability and stature of PPI. In addition to broadening our manufacturing capabilities in advanced, lightweight materials, and extending our business into high growth composite fabrication and integrated metallic and composite assemblies, PPI also provides considerable product synergy with our existing operations.
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.