Ducommun Incorporated ("Ducommun" or the "Company") announced that it completed the acquisition of Magnetic Seal Corporation ("MagSeal"), based in Warren, Rhode Island.
Founded in 1954 by George E. Colby and Robert L. Stevenson, MagSeal revolutionised the mechanical seal industry with the introduction of its proprietary magnetic seals by incorporating permanent magnets into their design and manufacture. MagSeal has since evolved into a leading provider of high-impact, military-proven magnetic seals for critical systems in aerospace and defense applications, offering sealing solutions that are engineered to perform in high-speed, high-vibration and other challenging environments. Today, MagSeal solutions are engineered to outperform in the most extreme conditions. MagSeal supplies sealing solutions to every branch of the U.S. military and is entrenched on more than 50 commercial and military aircraft programs including the AH-64 Apache and CH-53K helicopters, F-15 and F-18 fighter jets, C-130 transports, A320, B737 and Cessna Citation jets.
"I am delighted to welcome the MagSeal business and its team to Ducommun as we continue our strategy of adding high value added A&D engineered products with recurring aftermarket to our portfolio," said Stephen G. Oswald, chairman, president and chief executive officer of Ducommun Incorporated. "MagSeal is an excellent business with a strong reputation and further advances the company's industry offering and I look forward to the many years of growth ahead."
"We are excited to join the Ducommun family. MagSeal's combined knowledge, experience and expertise to design, prototype, value engineer and manufacture aerospace quality seal solutions will complement Ducommun's existing portfolio of engineered products for the defense industry. With Ducommun, MagSeal expects to accelerate its growth and expand its focus on innovative offerings to meet the needs of an evolving military," said Robert Garde, MagSeal's president.
Ducommun financed the acquisition by utilising cash on hand and a portion of its existing revolving credit facility.
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