Esterline to Buy CMC

Aerospace company Esterline Corp. said it will pay $335 million in cash to acquire Canadian avionics company CMC Electronics.
Esterline, Bellevue, Wash., said the deal significantly expands its existing avionics business and “fits our stated strategy to consolidate manufacturers of superior aerospace systems and components,” said Robert W. Cremin, Esterline’s CEO. Esterline, through its operating companies, makes lighted switches and displays for commercial and military aircraft; integrated display and control switches; illuminated push-button switches and indicators; integrated switch panels; and military voice and data switching systems. The deal “takes us a long way in adding to the tool kit of solutions that we are assembling for our avionics customers. And, it is in line with requests from those customers that we expand the value-added products and services we bring to them,” Cremin added. CMS products include aeronautical communications systems; electronic flight bags; enhanced vision systems; flight deck systems integration; navigation sensors; and display and control systems. Completion of the transaction is expected in 30 to 45 days, pending regulatory approval. More