International aerospace group MB Aerospace has today (18 April 2022) announced the sale of its interests in MB Aerospace Sterling Heights Inc to an affiliate of American Industrial Acquisition Corporation (AIAC).
Going forward, the Sterling Heights business will trade as Vital Engineered Components Company (VECCO).
Based in Michigan, VECCO focusses on the machining of high-value cast components for aerospace and industrial markets. It employs many highly qualified specialist and technical staff, with a number of industrial prime customers across North America and Europe.
Craig Gallagher, MB Aerospace Chief Executive Officer, said: “In AIAC, we have secured a superb partner to drive the rebranded VECCO business forward, enabling MB Aerospace to concentrate significant investment across our global Centers of Excellence network for the repair and manufacture of aero-engine precision parts.
“As aerospace markets return to strong growth, MB Aerospace is committing our capital, engineering resources and strategic focus on the growing order books at our nine global Centers of Excellence in North America (East Granby CT, Warren MI), Poland (Rzeszow, Kalisz and Tajecina), Taiwan (Taoyuan), and at our UK facilities in Newton Abbot, Motherwell and Burnley.
“We are already seeing significant upturn right across our commercial aerospace business units, with strong, double-digit growth forecast group-wide in 2022.
“VECCO has a different precision component manufacturing focus and a broader industrial customer strategy. Under the ownership and skilled leadership of AIAC we see a very bright future for VECCO’s customers, employees and suppliers alike.”
Bob Bell, VECCO Chief Executive Officer, said: “We are excited to be able to invest in and drive forward the business and team at VECCO. This is a company with a significant amount of precision capability and great world class customers. We look forward to serving those customers with both our performance and our plans for future growth over the coming years.”
Houlihan Lokey served as the exclusive financial advisor to MB Aerospace. Simpson Thacher & Bartlett served as legal advisor to MB Aerospace.