ITT Inc. announced today that it has acquired Matrix Composites, Inc., a specialty aerospace component manufacturer located on the Florida Space Coast with over two decades of experience specializing in the manufacture of precision composite components for next generation, high growth aircraft and aircraft engine platforms.

The acquisition aligns with ITT's growth strategy focused on enhancing its product portfolio with innovative, technologically differentiated businesses. Matrix Composites will expand ITT Connect and Control Technologies' core aerospace product and technology capabilities.

"This acquisition expands our ability to serve our aerospace customers with a broader set of capabilities in the composites space," said ITT CEO and President Luca Savi. "We look forward to Matrix joining ITT and to continuing to grow within the aerospace business."

"We are excited to welcome this fast-growing composites technology company to ITT Connect and Control Technologies," said ITT Connect and Control Technologies President Farrokh Batliwala. "Matrix Composites significantly enhances our composite portfolio and expands our aircraft engine content. We look forward to leveraging our combined strengths to build on Matrix Composites' entrepreneurial spirit and growth-oriented track record."

Matrix Composites, Inc., which is headquartered in Rockledge, Florida, has 115 employees and an estimated 2019 revenue of approximately $22 million.

The transaction, valued at $29 million, was funded from the company's cash and is expected to be accretive in the first year. The transaction value includes an earnout and is subject to customary working capital adjustments.