MidOcean Partners announced that it has reached a definitive agreement to sell Noranco Inc. to Precision Castparts Corp. Noranco is a supplier of complex machined components and assemblies for mission-critical landing gear, aerostructures, and aero engine applications to the aerospace industry.
The Company, with operations in Canada, the United States and Mexico, focuses solely on the aerospace industry, covering commercial/regional jet, business jet and military/rotorcraft markets. The Company’s key customers include Honeywell, United Technologies, Bombardier, Safran, Spirit AeroSystems and Boeing. Through its key customers, the Company supports high growth OEM platforms for Boeing, Airbus, and Bombardier, including the B737, B787, B777, A350, A320, and Global Express. Noranco sells its products under long-term contracts and is a sole source supplier for most of its revenues.
MidOcean acquired the company in April 2013. “We are very pleased with this outcome,” commented Ted Virtue, MidOcean’s CEO, “which reflects the successful completion of MidOcean’s strategy to leverage our operating resources to drive growth and operating efficiency. Noranco has been a terrific platform to consolidate the highly fragmented aerospace sector and we are proud of the job the Noranco management team and our operating resources have done.”