Engineer Senior has acquired Boeing aircraft engineer specialist, Damar Machine Company, for $24.5 million. The Washington DC-based manufacturer specialises in air beams, wing skins, stow-bin parts, interior decorative assemblies, panels and bulk-head components, manufactured from aluminium, titanium and other specialist metals.
Engineer Senior has paid for the company with the combination of an upfront cash payment, the assumption of net debt on acquisition and a payment dependent upon the level of working capital in the business at completion.
“Damar’s capabilities, combined with Senior’s wider market access, financial strength and operational excellence focus, are expected to lead to stronger growth prospects and improved operational performance, benefiting customers, employees and shareholders alike," said Senior’s group chief executive, Mark Rollins.