Karnataka-based aircraft component maker Aequs Aerospace has agreed to acquire the operations of US-based aerospace component maker T&K Machine to expand its manufacturing activity in the US market, according to a statement.
Financial details of the transaction, however, are not disclosed.
Following the acquisition, T&K Machine—which makes aircraft parts for global aerospace firms like Boeing, Spirit AeroSystems and UTC Aerospace Systems—will be renamed as Aequs Aero Machine, Inc.
T&K Machine was founded in 1968 by Tom and Frances Westbrooks. It is a manufacturer of small to large machined aircraft parts and assemblies. It has a US export control approved 27,000 sq ft facility in Texas that houses 28 CNC machining centres with 65 employees.
"Aequs is committed to being an agile and reliable global supplier for our customers and, in line with this, we have become the first Indian aerospace manufacturer to expand into North America,” said Aravind Melligeri, chairman and CEO of Aequs.
Founded in 1997 as an engineering services firm Quest Global spun off its manufacturing business in March last year into a separate entity called Aequs which is now headed by Melligeri. The company has a presence in the aero structures (wings, air frames, etc.), aero systems (hydraulic valve actuators, etc.) and landing-gear segments of aerospace manufacturing, and supplies to all major aerospace and aviation companies.
It is looking to end the current financial year with a run rate of $10 million.
The company has joint ventures with Magellan Aerospace of Canada, Setforge and Aubert & Duval of France and Saab of Sweden.
Aequs Aerospace is a business segment of Aequs Pvt Ltd and specialises in precision machining, sheet metal fabrication, assembly, forging and special processing for major OEMs and tier I customers.
It is headquartered in the Aequs Special Economic Zone located at Belagavi, Karnataka while the parent firm Aequs provides precision engineering products for the aerospace, automotive, and oil & gas industries from its facilities in Belagavi, Bangalore, Houston and Texas.
In February this year, Aequs acquired Bangalore-based Simulation Designs, which makes high-precision components for spacecraft and satellites, for Rs 6 crore.
In November last year, Aequs had announced that it is planning to invest about $100 million in India and abroad by 2020 to expand its geographical reach, add new capabilities and scale up revenues.
