FLORENCE, Ky., 20 July 2013. Parkway Products has completed the sale of its Parkway Aerospace & Defense business to EDAC Technologies Corp. (EDAC), a wholly-owned portfolio company of Greenbriar Equity Group LLC.
Parkway Aerospace & Defense’s composites-focused business includes plants in Erlanger, Ky., Cincinnati, Ohio, and a two-facility aero-campus in Saltillo, Mexico. Nick Bitter, president of Parkway Aerospace & Defense, and his management team will continue to lead the business in a newly formed subsidiary, EDAC Composites, to be headquartered in Erlanger, Ky.
Terms of the sale were not disclosed.
“The demand for aerospace composites continues to increase among our customer base and we believe the combination with Greenbriar and EDAC enhances our ability to meet the requirements of that growth,” Bitter explains.
“The combination of Parkway Aerospace & Defense and EDAC brings together two rapidly growing and engineering-led aerospace companies focused on serving a common set of customers with world-class manufacturing and design capabilities,” says Noah Roy, managing partner at Greenbriar.
Parkway’s highly regarded aerospace composite manufacturing and engineering expertise, and decades-long track record of partnership with many of EDAC’s largest customers, will enhance the combined company’s strategic position and significantly broaden the manufacturing, engineering, design, and development capabilities available to our customers,” adds Dominick Pagano, CEO of EDAC.
Parkway Products will retain its industrial & automotive Enterprise Molded Products headquartered in Florence, Ky., with plants in Atlanta, Ga.; Marietta, Ga.; Seneca, S.C.,; Loveland, Colo.; and a separate location in Saltillo, Mexico. The Enterprise Molded Products business will continue to operate using the Parkway name under its existing ownership structure.
Buy/Sell image courtesy Shutterstock.