Diploma buys US fastener maker Peerless for £236m.
Diploma said it had bought Peerless Aerospace Fastener, a distributor of specialty fasteners into the US and European aerospace markets for £236m.
Diploma
27 March 2024 07:24:23
Source: Sharecast
Based in Farmingdale, New York and founded in 1952, Peerless is an approved supplier to all major aerospace companies globally, primarily serving around 80 sub-contractors to the major equipment manufacturers.
“Aerospace fasteners represents a $7bn, highly fragmented addressable market. They are highly specialised products and amongst the most critical components in aircraft manufacturing. An aircraft contains around 1 million fasteners, representing up to 5% of total aircraft build value,” Diploma said on Wednesday.
“There is currently a 10+ year backlog for commercial aircraft manufacture, and the combination of new build and ongoing maintenance supports sustainable long-term market growth.”
Halifax is not responsible for the content and accuracy of the Markets News articles. We may not share the views of the author. Understand the risks, please remember the value of your investment can go down as well as up and you may not get back the full amount you invest. We don't provide advice so if you are in any doubt about buying and selling shares or making your own investment decisions we recommend you seek advice from a suitably qualified Financial Advisor. Past performance is not a guide to future performance.