A Greyabbey engineering company has been bought by one of its Canadian customers.
John Huddleston Engineering precision engineers components for the aerospace and defence industries to customers including new owner Magellan Aerospace Corporation.
Of its £40m ($25m) annual turnover, Magellan accounts for around £5.7m ($3.6m) worth of sales each year, according to a stock exchange filing from the Canadian company.
Flight School
The deal, which was carried out for an undisclosed sum, was seen as a strategic acquisition in Europe by James S Butyniec, president and CEO of Magellan Aerospace Corporation.
Aviation Colleges
"This acquisition is part of Magellan's global growth strategy to invest in opportunities that complement our business and strengthen Magellan's core manufacturing operations. The JHE acquisition provides additional capacity and engineering resources to enable us to support the growth in key customer programs."he said.
Hadyn Martin, corporate director of business at the UK arm of Magellan, praised Robert Huddleston, who heads up the Greyabbey firm, for building the business.
Read more: http://www.belfasttelegraph.co.uk
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