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ITT Inc. (NYSE: ITT), White Plains, New York, has acquired Matrix Composites, Inc., Rockledge, Florida, a specialty aerospace component manufacturer. The transaction is valued at $29 million and was funded from the company's cash and is expected to be accretive in the first year. The transaction value includes an earnout and is subject to customary working capital adjustments.
Matrix specializes in the manufacture of precision composite components for next generation, high growth aircraft and aircraft engine platforms.
The acquisition aligns with ITT’s growth strategy focused on enhancing its product portfolio with innovative, technologically differentiated businesses. Matrix Composites will expand ITT Connect and Control Technologies’ core aerospace product and technology capabilities.