MB Aerospace Sterling Heights Sold To American Industrial Acquisition Corporation
News release – for immediate release
Monday 18 April, 2022
International aerospace group MB Aerospace has today (18 April 2022) announced the sale of its interests in MB Aerospace Sterling Heights Inc to an affiliate of American Industrial Acquisition Corporation (AIAC).
Going forward, the Sterling Heights business will trade as Vital Engineered Components Company (VECCO).
Based in Michigan, VECCO focusses on the machining of high-value cast components for aerospace and industrial markets. It employs many highly qualified specialist and technical staff, with a number of industrial prime customers across North America and Europe.
Craig Gallagher, MB Aerospace Chief Executive Officer, said: “In AIAC, we have secured a superb partner to drive the rebranded VECCO business forward, enabling MB Aerospace to concentrate significant investment across our global Centers of Excellence network for the repair and manufacture of aero-engine precision parts.
“As aerospace markets return to strong growth, MB Aerospace is committing our capital, engineering resources and strategic focus on the growing order books at our nine global Centers of Excellence in North America (East Granby CT, Warren MI), Poland (Rzeszow, Kalisz and Tajecina), Taiwan (Taoyuan), and at our UK facilities in Newton Abbot, Motherwell and Burnley.
“We are already seeing significant upturn right across our commercial aerospace business units, with strong, double-digit growth forecast group-wide in 2022.
“VECCO has a different precision component manufacturing focus and a broader industrial customer strategy. Under the ownership and skilled leadership of AIAC we see a very bright future for VECCO’s customers, employees and suppliers alike.”
Bob Bell, VECCO Chief Executive Officer, said:“ We are excited to be able to invest in and drive forward the business and team at VECCO. This is a company with a significant amount of precision capability and great world class customers. We look forward to serving those customers with both our performance and our plans for future growth over the coming years.”
Houlihan Lokey served as the exclusive financial advisor to MB Aerospace. Simpson Thacher & Bartlett served as legal advisor to MB Aerospace.
Ends
Issued on behalf of MB Aerospace by BIG Partnership. For further information please contact Alex Barr - alex@bigpartnership.co.uk
Notes to editors
About MB Aerospace – MB Aerospace is a leading supplier of precision aero-engine components directly serving major aero-engine OEMs and Tier 1 suppliers. MB Aerospace’s focus on complex performance critical components leverages a depth of technical engineering and supply chain understanding across the full range of materials, manufacturing processes and customer approvals to be a trusted and scaled partner to the main aero-engine OEMs. MB Aerospace has developed a highly attractive global operating footprint, with more than 1,400 employees across nine locations (including three FAA approved Repair Stations) in the U.S., Europe and Asia, with proximity to all key OEMs, overhaul networks and Tier 1 customers.
About AIAC -- Founded in 1996, AIAC is a closely-held industrial group of 78 operations with over 8,500 employees in 24 countries in North America, Europe and Asia. AIAC's companies manufacture and install precision products and equipment for a wide variety of end markets, including food, pharmaceutical, petro-chemical, aerospace, defense, security, appliances, automotive, rail, refrigeration, construction and medical devices.
AIAC has purchased and operated manufacturing units of Ahlstrom, Allegion, Astrellas, Boeing, Carlyle Group, Constellium, GKN Aerospace, GlaxoSmithKline, Jabil Circuit, Johnson Controls, Kodak, Lockheed Martin, Merck, Moog, Northrop Grumman, Novelis, Pfizer, Raytheon Technologies, Rexel Group, The Riverside Company, Sandvik, Siemens, SSC, Suez Group, Tolko, Visteon and other large multinational corporations.