4/4/2016 11:18:00 AM
NEWS BRIEFS
Gemcor Sale Nets Equity Firm $10m Profit
Rand Corp.’s profit from the acquisition of Gemcor will add about $10 million to the Buffalo venture capital firm’s assets, the Buffalo News reports.
Gemcor, which develops and manufactures automated fastening systems for airframe manufacturers, was acquired by Ascent Aerospace in January. The deal brought Rand $15.2 million in total proceeds, according to the Buffalo News.
Gemcor systems are used in the sub-assembly of aircraft wings, fuselages and nacelles, with the company having produced more than 2,200 automated fastening systems throughout its 78-year history.
West Seneca, NY-based Gemcor was founded in Buffalo, NY, in 1937 by Thomas Speller Sr. Web: gemcor.com
Santa Ana, CA-based Ascent Aerospace provides factory and assembly line integration services, as well as automated assembly (drill and fastener installation) and composite machining assets. wholly owned unit of AIP Aerospace, Ascent Aerospace has factories, engineering offices, service centers and equipment installations located in North America, South America, Europe and Asia. Web: ascentaerospace.com
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