Wesco Completes Acquisition of Aircraft Parts FirmFriday, July 6, 2012
Wesco Aircraft Holdings Inc. has completed its acquisition of substantially all of the assets of Interfast Inc.
Interfast is a Toronto distributor of specialty fasteners and other parts to the aerospace, electronics and industrial markets. Wesco, a Valencia aerospace parts supplier, said the deal was paid for with a combination of cash and borrowings under its revolving credit facility.
The completion of the deal, valued at about $130 million, was announced late Thursday.
“We believe this transaction will accelerate our global growth, strengthen our relationships with several strategic aerospace customers, and support our initiative to implement a new (maintenance, repair, and overhaul) platform,” Chief Executive Randy Snyder said in a statement.
The acquisition was first announced in May. Wesco expects to provide guidance on the financial impact of the deal at its fiscal third quarter earnings release.
Shares were down 2 cents, or less than 1 percent, to $12.91 in midday trading on the New York Stock Exchange.