For Immediate Release
Bellevue, WA. October 3, 2006 – Primus International Inc. (“Primus”), a leading global Tier II supplier of aircraft structures and a portfolio company of Oak Hill Capital Partners, announced today that it has acquired Walden’s Machine Inc. (“WMI”), a supplier of components, kits and assemblies to the global aerospace industry.
Terms of the transaction were not disclosed.
Founded in 1976 and headquartered in Tulsa, Oklahoma, WMI manufactures a broad range of precision components and subsystems that are found in critical sections of the aircraft. WMI has a diverse customer base and supplies significant content on the leading commercial, regional jet, military fixed and rotary-wing platforms. WMI’s products are concentrated on the B737, B747, B777, B787, Embraer 190, F18 and Bell Helicopter aircraft. WMI’s Midwestern footprint will strengthen and expand Primus’s relationships with certain key Tier I customers and helps fulfill a key piece of Primus’s strategic goal of serving its customers wherever they are located around the globe.
Primus’s CEO Jim Hoover said, “WMI is highly complementary to our business. This strategic acquisition diversifies our customer base and helps expand our geographic presence by adding further manufacturing, integration and assembly centers located near our customers. WMI also adds an outstanding team of highly focused, dedicated and talented employees that have a proven track record of performance. Together, we believe the combined company will be able to better serve our global customers.”
WMI’s CEO Randy Baskins said, “Primus and WMI are similar in many ways: our cultures are complementary and we have a shared strategic vision. Both companies generate industry leading performance and flight critical products that, in combination, provide future opportunity to deliver higher value kits and assemblies with world-class quality and performance.”About PrimusPrimus International is a global supplier of aircraft products to leading original equipment manufacturers and Tier I suppliers. Primus targets high value, high growth aircraft platforms and currently supplies four of the top five commercial aerospace platforms, including the B737, B777, B787 and the A320. Primus’ operating divisions possess complementary capabilities and the company’s products are found in high stress, “moving” systems areas of the aircraft. Primus is headquartered in Bellevue, Washington and now operates two facilities in the Seattle, Washington area and facilities inWichita, Kansas, Tulsa, Oklahoma and Suzhou, China.