FLYHT Aerospace Solutions Ltd. announced the closing of its previously announced court-approved plan of arrangement (the Arrangement) under the Canada Business Corporations Act wherein FLYHT has been acquired by Firan Technology Group Corporation (FTG), a global corporation providing solutions for aerospace and defense electronic products and sub-systems.
“We are thrilled to complete this transaction with FTG, which marks an exciting new chapter for FLYHT,” said Mary McMillan, interim CEO and executive chairman of FLYHT.
“By joining forces with one of the world’s leading suppliers of aerospace and defense electronic products, we are well-positioned to accelerate our growth initiatives and better serve our customers. This union will benefit airlines and national weather agencies worldwide by ensuring that they have the right solutions to meet the communications and environmental challenges they are facing today.”
Brad Bourne, president and CEO, FTG Corporation, stated: “We are thrilled to have successfully completed the acquisition of FLYHT and we are confident that FLYHT will be an important part of FTG’s future. As we had previously discussed, FLYHT increases our presence in the commercial aerospace aftermarket, and FLYHT’s SATCOM product increases our presence on Airbus aircraft, via a licensing arrangement and both of these are strategic priorities for FTG. Going forward we see a path to ramping up sales of FLYHT’s product lines and insourcing manufacturing of their product to other FTG sites. We have lots to do, but with the teams at FLYHT and FTG I know we can achieve our goals and create value for our shareholders.”
This press release was prepared and distributed by FLYHT.
