Business
Acquisition of Spencer Aerospace
Acquisition of Spencer Aerospace.
About this update from Senior Plc
[{"type":"text","content":"\n \n \n THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS DEFINED FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) NO. 596/2014 WHICH FORMS PART OF DOMESTIC LAW IN THE UNITED KINGDOM PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 (\"UK MAR\"). UPON PUBLICATION OF THIS ANNOUNCEMENT THIS INFORMATION IS NOW CONSIDERED IN THE PUBLIC DOMAIN.\n \n \n 9 June 2022\n \n \n \n Acquisition of Spencer Aerospace\n \n \n \n \n Significant advancement in Senior's strategic focus on fluid conveyance technology\n \n \n \n Senior plc (\"Senior\" or \"the Group\") has signed a definitive agreement to acquire substantially all of the assets of Spencer Aerospace Manufacturing, LLC(1) (\"Spencer Aerospace\" or \"the Company\"), a leading manufacturer of highly engineered, high-pressure hydraulic fluid fittings for use in commercial and military aerospace applications.\n \n \n Spencer Aerospace is based in Valencia, California and specialises in source-controlled, standard, and proprietary fluid fittings, helping customers to find solutions for their fluid conveyance challenges. Established customers include major North American OEMs and Tier 1 suppliers, supplying key single aisle and wide body platforms. Based on the product approvals already undertaken and in progress, we expect the Company will be a strong platform for growth. Spencer Aerospace was founded in 2013 by its President Steven Spencer who has assembled an expert team with 300+ aggregate years of engineering and manufacturing experience. The current management team will remain with the Company following acquisition.\n \n \n The fluid fittings products engineered and manufactured by Spencer Aerospace are in high demand from aerospace and defence customers around the world and are complementary to Senior's existing advanced fluid conveyance product and system capabilities. The strong customer relationships that Senior has with OEMs, Tier 1 integrators, and aftermarket customers around the world, will open new opportunities for Spencer Aerospace. The combined capabilities will provide greater access to developing market opportunities such as hydrogen infrastructure and fluid handling. There are strong synergies with Senior's existing fluid conveyance businesses, and the combination of expertise will accelerate growth in aerosp...