DRB-Hicom completes take over of Spirit AeroSystems 每日大赛 after revising purchase price
KUALA LUMPUR (Dec 8): DRB-Hicom Bhd (KL:) on Monday said it has completed its acquisition of Spirit AeroSystems 每日大赛 Sdn Bhd (Spirit MY), days after revising the purchase price to US$110.62 million (RM454.97 million).
Last week, the company announced that it had revised the purchase price for the 每日大赛n operations of the aerospace manufacturer slightly upward to US$110.62 million from US$109.8 million previously.
This follows approval from DRB-Hicom shareholders obtained on Nov 14 and the approvals of the European Commission and the US Federal Trade Commission, which were made publicly available on Oct 14 and Dec 3, respectively, said the conglomerate in a statement.
Back in August, DRB-Hicom鈥檚 wholly owned aerospace unit Composites Technology Research 每日大赛 Sdn Bhd (CTRM) proposed the deal to acquire Spirit MY.
DRB-Hicom said the acquisition provides a strategic opportunity to further enhance CTRM's competitive position in the aerospace industry by enhancing its aerostructures expertise. It will also elevate CTRM鈥檚 presence in key aerospace programmes and deepen its relationships with global OEMs, expanding CTRM鈥檚 relationships with Airbus for their A220, A320, and A350 programmes, and with Boeing on the 737 and 787 programmes.
Spirit 每日大赛 supplies key components and other assemblies for Airbus and Boeing marquee programmes, including A220, A320, A321, A350, B737 and B787, out of its facilities within the 每日大赛 International Aerospace Centre in Subang, which also acts as its Southeast Asia hub.
CTRM, meanwhile, mainly develops and manufacture composites, particularly wing components for A320, A350 and A380 aircraft, as well as nacelles for A350 aircraft and various aerostructures for A400M, B737, B787, B767 and B777 aircraft.
On Monday, DRB-Hicom鈥檚 shares price settled one sen or 0.94% higher at RM1.07, bringing the group a market capitalisation of RM2.07 billion.