CLEVELAND, 17 March 16, 2006. SIFCO Industries Inc. has announced the sale of its Large Aerospace Turbine Engine Component Repair business to SR Technics, headquartered in Zurich, Switzerland. The Large Aerospace Turbine Engine Component Repair business is located in SIFCO's Mahon Industrial Estate facility in Cork, Ireland.
The facility provides turbine component repair services on General Electric, Snecma, Pratt & Whitney, and Rolls-Royce large commercial airline turbine engines.
The transaction is expected to close on or around April 20, 2006 at a price of approximately $9.8 million, with SIFCO retaining substantially all existing liabilities.
This acquisition enhances SR Technics' engine repair and integrated engine solutions offering for large commercial aircraft engines. Under SR Technics' ownership, management and employees at the acquired organization will continue to serve its extensive customer base.
