Magellan completes JHE acquisition
JHE is a leading European supplier of precision machined aerospace components with facilities in Great Britain , Northern Ireland and Poland. Its facilities in Belfast and Blackpool employ some of the latest high speed machining technology, as JHE has made significant investments in the latest high speed 5-axis machining equipment over the past few years.
The companies support both civil and defence markets supplying the global aerospace industry. JHE's treatment facility in Mielec, Poland provides the aerospace industry with a comprehensive range of surface treatment processes.
Through the acquisition of JHE, Magellan is strengthening and enhancing its core manufacturing capabilities and further expanding its European operations.
In addition, JHE has been a strategic supplier to Magellan of precision machined structural components. JHE's revenues for the financial year ending March 31, 2012 were approximately $25 million , which includes approximately $3.6 million revenue from the deliveries to Magellan. The acquisition was funded out of Magellan's working capital. JHE operations will be integrated and managed through Magellan's UK operations.
Mr. James S. Butyniec , President and CEO of Magellan Aerospace Corporation said: "This acquisition is part of Magellan's global growth strategy to invest in opportunities that complement our business and strengthen Magellan's core manufacturing operations. The JHE acquisition provides additional capacity and engineering resources to enable us to support the growth in key customer programmes."
Magellan Aerospace is one of the world's most integrated aerospace industry suppliers. Magellan engineers and manufactures aeroengine and aerostructure assemblies and components for aerospace markets, advanced products for military and space markets, and complementary specialty products. Magellan is a public company whose shares trade on the Toronto Stock Exchange, with operating units throughout Canada , the US, UK and India .
JHE is a leading manufacturer of machined aerostructures components, with facilities in Belfast and Blackpool which employ some of the latest high speed machining technology. The companies support both civil and defence markets supplying the global aerospace industry. JHE's treatment facility in Mielec, Poland provides the aerospace industry with a comprehensive range of surface treatment processes.
