B/E Aerospace Buying NYF
B/E Aerospace Buying NYF
Jason Sandefur
Looking to boost its presence in the military sector, B/E Aerospace Inc. agreed to acquire New York Fasteners Corp. (NYF) for $68 million in cash. The deal is expected to close by the end of August.
Founded in 1956 by Lawrence Basner, NYF distributes aerospace fasteners and hardware, with more than 70% of its sales derived from the military sector. NYF had revenues of $56 million for its most recent fiscal year ended June 30, 2006.
The acquisition will push B/E’s annual military sales above $100 million.
“The NYF and Draeger (Aerospace GmbH) acquisitions provide us with access to important customers in the large and growing military market,” commented CEO Amin Khoury. “We intend to build upon these strong new customer relationships and, over time, work with them to develop and supply a broader range of products and solutions from across the company.”
B/E plans to merge NYF’s hardware distribution and vendor-managed inventory business with its own distribution operations in Miami, FL. Web: beaerospace.com �2006 FastenerNews.com
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