MTC Acquires SOF Integrator AIC

MH-47E, via AIC(click to view full) MTC Technologies, Inc. (MTC) in Dayton, Ohio and subsidiaries announced a friendly takeover of Crestview, FL’s Aerospace Integration Corporation (AIC) which became effective as of April 1, 2006. Founded in 1997, AIC is an “S corporation” small business headquartered in Crestview, FL. With approximately 345 employees and approximately $34 million in revenue for the 12 months ended December 31, 2005, AIC has focused its efforts on serving DoD’s Special Operations Forces (SOF) and Combat Search and Rescue (CSAR) special mission units. AIC performs turn-key design and modification for avionics, flight controls, and weapon systems, and fully integrates the upgraded systems and components into aircraft and ground-based vehicles. AIC has worked on just about every modified aircraft in SOCOM’s fleet, from HH-60 Pave Hawks to AC-130U “Spooky” gunships. The acquisition further strengthens MTC’s goal to become a premier player in aircraft modernization and sustainment activities, while providing a significant increase in SOF which is one of its target markets. The initial purchase price for 100% of the common stock of AIC is $41.3 million, plus assumption of $3 million in debt related to the recent construction of a second aircraft hangar, to be paid in […]