Avcorp Industries, a leading manufacturer and supplier of airframe structures to aircraft companies like Bombardier, Boeing and BAE Systems, has received regulatory approvals for the acquisition of Hitco Carbon Composites, the composites division of SGL Carbon SE, according to an update on the acquisition released by the company.

The company had entered into an agreement to acquire Hitco in mid-2015 to expand its scope in the composites division, and to thereby increase its profitability. The acquisition is expected to almost double Avcorp’s revenue with an immediate effect.

Avcorp is working on the closing of the acquisition as per the conditions set out in the agreement.

Commenting on the acquisition, Peter George, CEO of Avcorp said, “The acquisition of Hitco’s composites division offers a unique  opportunity  to  transform  our  business  by  broadening  our  product  range  and strengthening  our composite capabilities.”

“We anticipate significant operational efficiencies and better utilisation of our existing assets. Combining the businesses should accelerate Avcorp’s return to profitability,” he said. (MCJ)