Press release - 2nd may 2018
Spirit AeroSystems has signed an agreement with the shareholders of SRIF to acquire the Asco group*,
a privately held Belgian company with 1,400 employees world-wide.
In the past 64 years, Asco Industries has developed and executed a strategy as an independent family owned supplier of aero structures and has developed an international client base of all major commercial OEM, their Tier 1 and equipment suppliers.
Asco became a world-class aerospace provider that designs and manufactures wing components, complex mechanical assemblies and major structures.
The last decade the OEM in the aerospace industry are pushing for a consolidation of the highly
fragmented aero structures supply base. In response to that Asco has proactively pursued an
internationalisation strategy and is now active in Belgium, Germany, Canada and the US.
The interest of Spirit AeroSystems, Asco’s first client in the US since 1995, to acquire Asco Industries
confirms the highly appreciated value of the capabilities our people have developed over time and
consolidates Asco’s activities within one of the top 20 aerospace companies in the world.
It creates new and lasting opportunities for growth and will allow our talented people to expand the business.
For Belgium and Flanders it gives the opportunity to broaden the aerospace activities in the triple helix between the government,
the research centres and the industry which is being put in place.
The transaction is expected to close in the second half of 2018 following regulatory approvals and other customary closing conditions.
Both the Spirit and the Asco teams are excited at the prospect of collaborating together as they work together to drive long-term
high performance and growth.
Lazard served as financial advisor to the sellers, and Eubelius and Gibson Dunn & Crutcher LLP
served as legal advisors to the sellers. Methuselah Advisors and Goldman Sachs & Co. LLC served as financial advisors,
and Sullivan & Cromwell LLP and Stibbe served as legal advisors to Spirit.
(*): transaction relates to the shares of SRIF
ASCO selected by BOEING as long-term supplier of hard metal and aluminum structural aircraft components
Zaventem, Belgium, February 22, 2017 – ASCO, world leader in design and manufacturing of high-lift mechanism devices, complex mechanical assemblies and major functional parts for the aerospace industry, signed with Boeing a long-term contract for the production of hard metal and aluminum structural components and assemblies.
The agreement, for which ASCO has been selected as supplier until 2024, includes both the renewal of existing work on the 737 MAX, 747-8, 777 and 787 airplane platforms and also several new packages on the 777X airplane.
"ASCO has been delivering parts to Boeing for more than 20 years, we are honored to be recognized with this award and are fully committed to operational excellence to keep advancing this relationship" stated Kevin Russell, GM and VP Commercial Asco Aerospace Canada.
Laurent Canoen, Chief Commercial Officer of Asco further explained that this long term contract as well as the award of the new work on the 777X platform confirms the relevance of our strategic Development in North America. Parts will be produced in ASCO's Zaventem-Belgium, Delta-Canada and Stillwater-OK USA facilities.
ASCO, incorporated in 1954, is a proven technology specialist and supply chain integrator in design, development, precision machining, processing, certified assembly and MRO of complex high aircraft components. Headquartered in Zaventem Belgium, ASCO has four manufacturing plants in Belgium, the United States, Canada and Germany.
Today, the Asco Group employs 1,500 people. Its worldwide, 100% Aerospace customer base includes most aircraft manufacturers as well as many related Tier-1 suppliers.
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