Whitcraft Group and Paradigm Precision, two large manufacturers in the state, have completed their merger to create Pursuit Aerospace.
The companies announced today that the deal, which was first announced in November, has closed and former Whitcraft CEO Doug Folsom is the CEO of the new company.Â
The two companies worked in overlapping industries prior to the merger. Paradigm, headquartered in Manchester, is a global independent provider of complex machining, fabrications and assemblies for engine manufacturers. The company also has a facility in East Berlin and several more outside of Connecticut.
Eastford-based Whitcraft is a manufacturer of precision formed, machined, and fabricated flight-critical aerospace components. It also has in South Windsor and Plainville.
The newly created Pursuit Aerospace lists all of the former Whitcraft and Paradigm locations as its own, so there’s no word on whether consolidation of facilities will accompany the merger.
The Connecticut Business & Industry Association in December said that the combined company will have more than 2,500 employees and over $800 million in annual revenues.
The merger was financed by Clayton, Dubilier & Rice (CD&R) and Greenbriar Equity Group, the owner of Whitcraft.
Ray Conner, former president and CEO of Boeing Commercial Airplanes, is chairman of Pursuit Aerospace’s board of directors. He’s also an operating advisor to CD&R funds.
