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Firan Technology Group Corporation has acquired 100% of the outstanding shares of Virginia-based circuit board manufacturer Colonial Circuits, Inc.
Further to the announcement made by FTG on March 29, 2019, FTG has attained the approval from the Committee on Foreign Investment in the United States (CFIUS) and all closing conditions have been met and the acquisition has now closed.
FTG is acquiring the outstanding shares of Colonial for a purchase price of approximately $4M CAD, subject to typical closing adjustments. Colonial has had reported annual sales of $7-9M CAD in its unaudited financial statements over the past few years. The purchase price was paid in cash on closing using funds from FTG’s existing credit facilities.
“FTG had identified a desire to add US manufacturing capacity for standard technology product for aerospace and defense applications. This acquisition accomplishes this and will complement FTG’s existing facilities, adding capacity and new customers,” stated Brad Bourne, President and CEO, FTG Corporation. He added, “Having met the team at Colonial, I am truly thrilled by their skills, dedication and commitment to excellence, and I welcome them all to FTG.”
About Firan Technology Group Corporation
FTG is an aerospace and defense electronics product and subsystem supplier to customers around the globe. FTG has two operating units:
FTG Circuits is a manufacturer of high technology, high reliability printed circuit boards. Our customers are leaders in the aviation, defense, and high technology industries. FTG Circuits has operations in Toronto, Ontario, Chatsworth, California, Fredericksburg, Virginia, and a joint venture in Tianjin, China.
FTG Aerospace manufactures illuminated cockpit panels, keyboards and sub-assemblies for original equipment manufacturers of aerospace and defense equipment. FTG Aerospace has operations in Toronto, Ontario, Chatsworth, California, Fort Worth, Texas and Tianjin, China.