7/9/2012 2:21:00 AM
HEADLINES
ACQUISITIONS: Precision Aerospace Components Acquires FDMC
Fastener supplier Precision Aerospace Components Inc., acquired the assets of Fastener Distribution and Marketing Company (FDMC).
FDMC is the parent company of Aero-Missile Components (AMC), which provides fasteners and other components to the military and aerospace industries; and Creative Assembly Systems (CAS), which supplies fasteners, tooling and other products to the transportation, housing infrastructure and white goods markets.
Staten Island, NY-based Precision Aerospace Components operates through its Freundlich Supply and Tiger-Tight companies.
“This transaction complements all four operating companies by providing access to greater combined resources serving a broader addressed market,” stated Precision Aerospace Components CEO Andrew Prince. “I am excited about bringing these two management teams together to further the Company’s long term objectives.”
FDMC president Richard McVaugh will assume the role of President of each of the Precision Aerospace subsidiaries.
With this acquisition Precision Aerospace Components and its subsidiaries will have operations throughout the U.S., providing support to introduce the Tiger-Tight locking washer – the domestically fabricated lock washer that holds without loosening and does not destroy the surface material to which it is holding.
In the upcoming 12 months, the combined companies anticipate producing over $33M in revenues and an operating profit of over $3M. Web: precaeroinc.com ©2012 GlobalFastenerNews.com
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