Cleveland-based aerospace components maker TransDigm Group (NYSE: TDG) has purchased Takata Corp.™s aerospace and defense businesses as well as related assets and liabilities for approximately $90 million cash.
TransDigm said Wednesday the transaction covers Takata™s Schroth Safety Products and Takata Protection Systems businesses.
Both businesses will operate under the name Schroth and focus on the design and production of passenger belts, technical restraints, structural airbags and other safety systems for aviation, military ground and racing vehicles.
Schroth, which operates through its offices in Florida and Germany with approximately 260 employees, projects to record nearly $43 million in fiscal 2016 revenue ending March 31 and represent approximately 90 percent of total revenues.
Schroth expects to post 80 percent of its revenues in the aerospace and defense market and 40 percent of sales from aftermarket content.
W. Nicholas Howley, chairman and CEO of TransDigm, said the transaction aligns with TransDigm™s acquisition and product strategy.
The deal comes eight months after TransDigm completed its acquisition of ILC Holdings and its Data Device Corp. subsidiary from New York-based investment firm Behrman Capital for approximately $1 billion cash.
