Ladish announced it has entered into an agreement to acquire Chen-Tech Industries via a merger. Chen-Tech, based in Irvine, Calif., is a leading forger of jet-engine components with projected 2008 sales of about $50 million. The closing of the transaction is expected to occur in the third quarter of 2008. The agreement contemplates that the merger value of Chen-Tech will be approximately $59 million. Upon completion of the merger, Chen-Tech’s management team will remain.
Chen-Tech has expertise in forging nickel-based and titanium components for smaller jet engines serving single aisle, regional and business aircraft. According to Ladish, the merger provides the Cudahy, Wis.-based company with a broadened product offering and increased market share on mutual aerospace programs.
Ladish to Merge with Chen-Tech
August 19, 2008