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09 Aug 17. JW Hill Capital announced today the acquisition of GKN Aerospace Bandy Machining, Inc. (“Bandy” or the “Company”), a subsidiary of GKN Aerospace. For over 50 years, Bandy has been the leading producer of specialized hinges used in a wide variety of aerospace, defense and industrial applications. Located in Burbank, California, Bandy manufactures complex, close-tolerance hinges that are used on numerous commercial and military platforms. The Company’s expertise includes proprietary drilling processes that allow the Company to manufacture long hinge lengths at very tight tolerances across a variety of materials including titanium, aluminum, stainless steel and bronze. Customers rely on the Company’s expertise tohandle complex aerospace parts. Bandy produces over 100,000 hinges per year.
“The Bandy team is excited to begin a new chapter as part of JW Hill Capital,” commented Steve Alexander, General Manager, Bandy. “Our partnership will bring a renewed focus to Bandy’s capabilities and strengths, with the vision to continue to grow the brand moving forward.”
“We are excited about partnering with the team to build on the legacy of the Bandy brand,” said John Hill, Managing Partner, JW Hill Capital. “We look forward to expanding the capabilities of the business to serve the aerospace hinge market.”
DA Davidson served as financial advisor to JW Hill Capital on the transaction. The transaction closed on August 11, 2017. Financial terms of the transaction were not disclosed. (Source: BUSINESS WIRE)
17 Aug 17. Elbit Systems Ltd. (NASDAQ: ESLT and TASE: ESLT) (“Elbit Systems”) confirmed today, in an answer to media inquiries, that on August 7, 2017, a jury in the United States District Court for the Eastern District of Texas found Hughes Network Systems, LLC, to have infringed one of its patent, which generally relates to high-speed satellite communications, U.S. Patent No. 6,240,073. The jury awarded Elbit Systems damages of approximately $21m plus interest. The court has yet to issue a final order regarding the verdict, and the financial impact of this matter is not yet determinable.
17 Aug 17. HENSOLDT takes over Aircraft Electronics Provider EuroAvionics. The newly founded German sensor house HENSOLDT has taken over the Pforzheim-based company EuroAvionics GmbH, a supplier of avionics systems for helicopters and UAVs. Now that all the legal requirements have been met, the signed share purchase agreement has taken effect. HENSOLDT expects the takeover to give their existing avionics business a new boost as part of their growth strategy.
“The takeover of EuroAvionics is the perfect example of a strategic acquisition since both parties generate added value from our collaboration,” said Celia Pelaz, Head of Strategic Business Development. “We can now develop a comprehensive Avionics product line at HENSOLDT by combining the strengths of EuroAvionics in the civilian market and our own portfolio, which has primarily been geared towards the military up until now.” In this way, HENSOLDT will improve its access to civilian helicopter manufacturers and fleet operators. At the same time, synergies are expected from a more efficient use of research and development funds to meet new customer requirements.
EuroAvionics Group generates revenues of approx. 20m euros with around 100 employees. They are particularly strong in the market for civil certified avionics equipment for helicopters with interfaces to avionics and sensor systems supplied by third-party providers. Their portfolio includes flight management systems as well as avionics computers and autopilot systems, particularly for UAVs. Apart from the headquarters in Pforzheim, the company has subsidiaries in the UK