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Wesco Aircraft Holdings, Inc. (NYSE: WAIR), Valencia, CA, has agreed to acquire Interfast Inc. for C$134 million (US$130.3 million) in cash. Interfast is a Toronto-based distributor of specialty fasteners, fastening systems and production installation tooling for the aerospace, electronics and general industrial markets.
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"We are excited about the acquisition of Interfast, which we believe will accelerate our growth across North America and Asia and strengthen our relationships with several strategic aerospace customers," said Randy Snyder, Wesco's president and CEO. "This highly complementary acquisition will also allow us to broaden our product portfolio to include new lines such as specialty industrial products."
The company expects the acquisition to close toward the end of its fiscal third quarter or the beginning of its fiscal fourth quarter, subject to customary closing conditions. The acquisition is not expected to have a material impact on Wesco's adjusted diluted earnings per share for its current fiscal year, but is expected to be accretive on that basis in fiscal 2013.