Whitcraft-Paradigm Precision Merger Shakes Up Aerospace Landscape
Connecticut’s aerospace manufacturing landscape will undergo a major shift with the merger of Eastford-based Whitcraft LLC and Paradigm Precision, headquartered in Manchester.
The merger is designed “to create a scaled and diversified manufacturer of complex, high-tolerance components used in commercial and military aviation engines,” according to a Nov. 30 media statement.
Paradigm Precision is a global, independent provider of precision machining, fabrications, and complex assemblies primarily for gas turbine engines and high temperature investment castings.
The company’s footprint includes its Manchester and Berlin facilities, with additional locations in Stuart, Florida; Malden, Massachusetts; and Canada, Mexico, the United Kingdom, and Tunisia.
Whitcraft manufactures precision formed, machined, and fabricated flight-critical aerospace components for both commercial and defense engines.
In addition to its Eastford headquarters, Whitcraft has Connecticut locations in South Windsor and Plainville and facilities in Newburyport, Massachusetts; Whitesboro, New York; Cleveland, Ohio; Morton, Illinois; and Thomasville, Georgia.
Private equity firms Clayton, Dubilier & Rice and Greenbriar Equity Group steered the investments that facilitated the merger.
“Our partnership with and investment from Greenbriar has advanced our strategy and enhanced our focus on operational excellence,” Whitcraft Group CEO Doug Folsom said.
“We believe this next step with Paradigm and CD&R will unlock even greater improvement opportunities for our customers and our employees.”
“As a combined company, we are confident that we will enhance our product and process portfolio and be even better equipped to innovate.”
The new company will have more than 2,500 employees and over $800 million in annual revenues.
CBIA president and CEO Chris DiPentima called the deal a “significant merger for Connecticut and the global aerospace and defense manufacturing subsector.”
“The new entity will be one of Connecticut’s larger tier one aerospace and defense suppliers, and will further strengthen Connecticut’s position as one of the top A&D manufacturing locations,” he said.
The deal is expected to close in early 2023.
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