A Pennsylvania-based aviation and aerospace company has purchased 80-year-old Merritt Tool of Kilgore.
With about 120 employees, Merritt Tool is expected to add about $30 million in revenues in 2010 to its new parent company, Triumph Group, officials said. Terms of the deal were not released.
The former Merritt Tool now operates as Triumph Structures-East Texas and is part of Triumph Aerospace Systems Group, company officials said.
 Kevin Green/News-Journal File Photo
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| A.P. Merritt Jr. is seen in February 2002 at Merritt Tool in Kilgore. Merritt has sold the longtime company to a Pennsylvania firm, but will stay on with the business. |
Calls to the Kilgore firm were referred to Triumph corporate headquarters in Wayne, Pa. In a prepared statement, Richard C. Ill, president and CEO of Triumph, indicated that A.P. Merritt Jr. and the Kilgore management team will stay in place.
"We are pleased to have acquired Merritt Tool and view this as an opportunity to leverage our current portfolio of aerospace structural manufacturing capabilities and expand the products and services we offer to our major airframe customers," Ill said.
"We are also pleased that the company will continue to be led by A.P. Merritt Jr. and his management team."
Triumph indicated the acquisition was completed in the past week.
Triumph Group makes aircraft structural components specializing in complex precision machining primarily for commercial and military aerospace programs.
The company had quarterly revenues of $285.2 million for the period ending Dec. 31, with a net income of $21.1 million.
The company's fiscal year ends March 31.
A.P. Merritt Sr. founded Merritt Tool in 1928. It grew from a small machine shop serving the East Texas oilfield to a diversified and highly technological company serving the aerospace, energy and other commercial industries, A.P. Merritt Jr. said in an earlier interview.
In May, Merritt won the U.S. Small Business Administration's Regional Small Business Person of the Year Award for a 72-county area of North Texas.
Triumph also announced this month that the acquisition of a British firm, Saygrove Defence & Aerospace Group, with annual revenues of about $11 million.
Triumph this week announced it plans to invest about $20 million in the next two years developing a new manufacturing site in Zacatecas, Mexico.
The Associated Press contributed to this report.
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At a glance
What: Merritt Tool purchased by Triumph Group of Wayne, Pa.
History: Merritt Tool has been an East Texas-owned firm since its founding in 1928 by A.P. Merritt Sr.
When: Acquisition by Triumph was completed this month.
Where: Kilgore
Revenues: Merritt Tool is expected to enhance the revenues of Triumph Group by about $30 million for the company's fiscal year beginning April 1
Employees: About 120
Management: Triumph Group officials said A.P. Merritt Jr. and the management team of the former Merritt Tool will remain in place.
About buyer: Triumph Group had annual revenues of about $1.25 billion for the fiscal year that ended March 31, 2008. It has more than 5,500 employees.
Comments
Maybe its a good move
Well, on the one hand it is sad that the company wuth such a long history is sold. But on the other hand it simetimes happen. And it can be even the best variant for the company. E.Copeland in his book "Company evaluation" gave nice examples. You can find it at the torrents files search engine http://www.picktorrent.com . Then you'll learn what benefits a company gets when it is sold.