PE-backed Mechtronix acquired for Textron’s training and simulation business

Montréal-based Mechtronix Inc, a manufacturer of pilot training equipment, including flight simulators, full flight trainers and flight training devices, has been bought by Textron Inc (NYSE: TXT). The company was acquired along with OPINICUS Corp, and will be combined with Textron’s training and simulation operations, which serve the military aircraft market through its facilities in Goose Creek, South Carolina. While the acquisition price was not disclosed, one source pegged it at about US$125 million for both businesses. Mechtronix is a portfolio investment of Canadian private equity firm Richardson Capital. Richardson invested $39 million in the company in Sept. 2008.

PRESS RELEASE

Textron to Acquire Two Innovative Suppliers of Flight Simulation and Aircraft Training Products

Mechtronix and OPINICUS to Broaden Textron’s Flight Simulation Capabilities in Both Commercial and Military Aircraft Markets

PROVIDENCE, R.I., Nov 22, 2013 (BUSINESS WIRE) — Textron Inc. TXT +2.27% announced today it has signed agreements to acquire two flight simulation and aircraft training product companies – Mechtronix Inc., located in Montreal, Quebec and OPINICUS Corporation, located in Lutz, Florida. These companies combined with Textron Systems’ existing training and simulation business, which serves the military aircraft market through its facilities in Goose Creek, South Carolina, will form Textron Simulation & Training Systems. The total annual revenue for the new business is expected to exceed $100 million.

Mechtronix’ primary products include the FFSX(TM) and FFTX(TM) line of high-fidelity simulators and the FFT(TM) and Ascent(R) line of flight trainers, as well as classroom training solutions. Founded in 1987, Mechtronix serves the global aviation markets and has supplied airlines with more than 200 simulator systems.

OPINICUS is known for its ODYSSEY(TM) high-fidelity simulators, featuring innovations such as REALFeel(R) control loading and REALCue(R) motion controller. Since 1988 OPINICUS has provided turnkey simulator programs to many aviation industry leaders including Boeing, Lockheed Martin, Raytheon, Bell Helicopter, GE Aerospace, the FAA and several branches of the U.S. military.

“Mechtronix and OPINICUS each have a strong record of delivering advanced flight simulation technologies and services,” said Textron Chairman & CEO Scott Donnelly. “Today’s pilots face an ever-expanding range of systems and controls within the cockpit, making realistic simulation essential for commercial and military flight training. By adding these businesses, we deepen Textron’s ability to fully serve the military, business and civil aviation industries,” he added. Both transactions are expected to close by the end of the year, subject to customary closing conditions.

About Mechtronix Inc.

Fueled by over 25 years of passion and dedication, Mechtronix is a world-leading manufacturer of flight simulators, designing, marketing and supporting aviation training products and related services for airlines, aircraft OEMs, flight training centers and training organizations worldwide. The company’s headquarters and main facilities are located in Montreal, Quebec, with technical support centers strategically located in Asia Pacific and Europe. For more information, please visit www.mechtronix.com.

About OPINICUS Corporation

OPINICUS Corporation specializes in advanced full flight simulation technologies. OPINICUS’ comprehensive experience in design, development, installation and maintenance of full flight simulators enable the company to respond to all levels of technical requirements and challenges for both rotary- and fixed-wing simulation. OPINICUS’ solutions include hardware, software, systems and programs, along with comprehensive experience in design, development, installation, integration, FAA qualification and government test and validation. For more information, please visit www.opinicus.com.

About Textron Inc.

Textron Inc. is a multi-industry company that leverages its global network of aircraft, defense, industrial and finance businesses to provide customers with innovative solutions and services. Textron is known around the world for its powerful brands such as Bell Helicopter, Cessna Aircraft Company, Jacobsen, Kautex, Lycoming, E-Z-GO, Greenlee, and Textron Systems. More information is available at www.textron.com.

Certain statements in this press release may project revenues or describe strategies, goals, outlook or other non-historical matters; these forward-looking statements speak only as of the date on which they are made, and we undertake no obligation to update them. These statements are subject to known and unknown risks, uncertainties, and other factors that may cause our actual results to differ materially from those expressed or implied by such forward-looking statements, including, but not limited to, the risk that the acquisitions will not close as anticipated, difficulties or unanticipated expenses in connection with the consummation of the acquisitions or the failure to achieve anticipated synergies and opportunities.

SOURCE: Textron Inc.

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