Buffalo, NY (WBEN) Buffalo-based Calspan has agreed to be acquired by a Cleveland company. Calspan employs 600 people, more than a third in WNY.
In a statement, Calspan says the organization will remain intact with no impact on staffing or operations.
Peter Sauer, Calspan's President & CEO stated, "We are fortunate to have had such incredible and supportive private owners in John Yurtchuk and Lou Knotts who have challenged us to achieve great things. The acquisition by TransDigm provides a long-term home for Calspan and is a strong signal to our people, the communities we operate in, and our valued customers, that Calspan will remain an industry leader and employer of choice."
Lou Knotts, owner and Co-Chairman of Calspan, said, "This is an opportunity to ensure that Calspan's identity and reputation is protected and positioned to expand for many more decades beyond our tenure as owners. I am confident the company will remain well-guided for discovery and development and remain positioned to Test the Future".
"As caretakers of this great company, we are proud to have found a solution that affords Calspan the opportunity to further build its legacy," said John Yurtchuk, owner and Co-Chairman of Calspan. "With the talented leadership team we have in place and the resources of TransDigm, Calspan is positioned to expand well beyond what Lou and I have achieved. It has been a privilege to serve our great employees and our customers."
Kevin Stein, TransDigm's President and Chief Executive Officer, stated, "We are excited about the acquisition of Calspan. We see opportunity for TransDigm's proven operating model to enhance the Company's established positions across a diverse range of aftermarket-focused aerospace & defense development and testing services. The Company operates within our primary aerospace and defense industry, and its unique service offerings exhibit the earnings stability and growth potential that we have come to expect of our aerospace components-centered businesses. As with all TransDigm acquisitions, we expect the Calspan acquisition to create equity value in-line with our long-term private equity-like return objectives."
The acquisition, which is expected to close during TransDigm's fiscal 2023, is subject to regulatory approvals and customary closing conditions. The acquisition is expected to be financed through existing cash on hand.
Calspan has been an independent provider of testing and technology development services, solutions, and systems in the aerospace, defense, and automotive industries for nearly 80 years.
