Products Finishing

NOV 2013

Products Finishing magazine is the No. 1 industrial finishing publication in the world. We keep our readers informed about the latest news and trends in plating, painting, powder coating, anodizing, electrocoating, parts cleaning, and pretreatment.

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Page 22 of 59

Filled to CapaCity? Recent Mergers And Acquisitions in the Aerospace Finishing Industry Date acquirer target Feb. 2013 Precision castparts corp. Protective coatings inc. Jan. 2013 curtiss-Wright F.W. gartner thermal Spraying Dec. 2012 Bluewater thermal Services Southwest Heat treat Services; texas energy Laboratories Dec. 2012 triumph group inc. embee inc. Dec. 2012 Norman Hay plc Sifco industries (applied Surface concepts) Dec. 2012 Precision castparts corp. Southwest united industries Nov. 2012 Pioneer Metal Finishing Parts Finishing group Oct. 2012 Bodycote plc Bluewater thermal Services (carolina commercial Heat treating) Sept. 2012 Pioneer Metal Finishing Superior Metal Finishing May 2012 Precision castparts corp. Dickson testing co.; aerocraft Heat treating co. May 2012 acuity capital Partners; tenth Street capital Partners DeWayne's quality Metal coatings LLc apr. 2012 Valent aerostructures LLc Ozark Mountain technologies LLc apr. 2012 Bodycote plc curtiss-Wright (heat-treat business) Jan. 2012 Kennametal inc. Deloro Stellite Holdings 1 Ltd. Oct. 2011 Wencor group LLc aerospace coatings international inc. July 2011 tecomet inc. Kemac technology inc. Oct. 2010 Krg capital Partners PaS technologies Sept. 2010 Pioneer Metal Finishing LLc Nimet industries inc. aug. 2009 tSi group inc. J.a. reinhardt & co. inc. June 2009 Praxzir Surface technologies Sermatech international Holdings aircraft to both the U.S. government and domestic carriers. Airbus has gone so far as to break ground on a multi-billiondollar A320 assembly plant in Mobile, Ala., that will employ thousands as well as provide indirect support to a range of supply-chain participants, including surface finishers. As more Airbus work migrates to the U.S., the supply chain will benefit immensely. Aside from the associated revenue growth, new work will also enable domestic suppliers to diversify away from being dependent on Boeing for the first time since the company purchased McDonald Douglas in 1997. Growth Opportunities These supportive end-market dynamics are creating growth opportunities for the surface finishing supply chain but have also placed stress on business owners. A result of increased build rates is pressure to maintain quick turnaround times, all while adhering to a strict set of quality-driven certifications and accreditations. Every metal finishing business must navigate demanding Nadcap and customer-specific audits, all the while managing ever-tighter environmental regulations. Business owners are also managing customer concerns over rate readiness and capacity constraints as they look at a metal processing supply chain that has had very few new entrants over the past several decades. Surface finishing is also following the industry-wide trend of a desire by larger customers to deal with a smaller set of more sophisticated and capable suppliers. Customers are increasingly pressuring finishers to invest in new coating lines to support varying part envelopes or to offer a wider range of process types, all as part of an effort to provide a "one-stop" solution. This combination of headaches also serves as an important barrier to entry and competitive differentiator for those businesses that can thrive and grow in this challenging environment. An additional factor for the industry is the increasing consolidation and transition out of family ownership for machining and surface finishing companies. Over the past decade, owners of traditionally family-held businesses have reached retirement age and sold majority control to larger strategic buyers or private equity groups. PRODUCTS FINISHING — 21

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