Farmington aeroparts maker Edac Technologies Corp. has completed its acquisition of Kentucky-based Parkway Aerospace & Defense, the companies announced.
With the purchase, Edac, a wholly-owned portfolio company of Greenbriar Equity Group of New York, adds plants in Kentucky, Ohio and Mexico.
Nick Bitter, president of Parkway, said in a statement that his management team will continue to lead the business post-sale in a newly formed subsidiary, Edac Composites, which will be based in Erlanger, Ky.
Terms of the deal were not disclosed.
“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,” Dominick Pagano, CEO of Edac, said in a statement.
