Wesco to Acquire Canadian Aircraft Parts CompanyThursday, May 24, 2012
Wesco Aircraft Holdings Inc. on Thursday said it signed an agreement to acquire substantially all of the assets of Interfast Inc. for more than $130 million.
The Valencia aerospace parts supplier said that Interfast, a Toronto distributor of specialty fasteners and other parts to the aerospace, electronics and industrial markets, will add to adjusted earnings in the next fiscal year but have no material impact this year.
“We believe (Interfast) will accelerate our growth across North America and Asia and strengthen our relationships with several strategic aerospace customers,” said Chief Executive Randy Snyder in a statement. “This highly complementary acquisition will also allow us to broaden our product portfolio to include new lines such as specialty industrial products.”
Shares were down 30 cents, or 2 percent, to $14 in midday trading on the New York Stock Exchange.