World’s largest first-tier aerostructure manufacturer 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. “Spirit” builds several important pieces of Boeing aircraft, including the fuselage of the 737, portions of the 787 fuselage and the cockpit section of the fuselage of nearly all of Boeing’s airliners. The company also produces fuselage sections and front wing spars for the Airbus A350.
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.
Another Belgian jewel sold to a foreign company. What a difference with Sonaca which managed to buy an American company!