UK Group Buys U.S. Business for $102 Million
March 31, 2004
(Reuters)--British aerospace-to-medical engineer Smiths Group has purchased U.S.-based Dynamic Gunver Technologies for $102 million as part of its drive to grow in the aircraft engine components market. Dynamic Gunver Technologies (DGT) is a privately owned manufacturer of aerospace jet engine components based in Manchester, Conn., that specializes in metal fabrication of complex components, utilizing technologies such as hydroforming and laser machining and welding, principally for parts used in U.S. military jet engines. Smiths said the DGT deal was payable in cash with funding from Smiths' existing borrowing facilities, subject to relevant regulatory approvals.