Hartzell Propeller is diversifying, forming a holding company as a vehicle for aerospace acquisitions. The first move by the new parent company, Charter Aerospace Partners, is the acquisition of California-based Industrial Tube (ITC), a provider of non-metallic tubes and ducts to aircraft manufacturers.
This is the first diversification by privately held Hartzell since it was acquired from TRW in 1987. "We have had success in growing our market share, but the propeller business is constrained," says Joseph Brown, co-president of the new holding company. "We want to substantially increase our sales over a five-year period."
Charter Aerospace is looking to acquire several companies in the $15-40 million range, mainly in the hydro mechanical and electromechanical controls sector.
Source: Flight International