Esterline Corp. (NYSE: ESL) is buying Barco's aerospace and defense division in a deal valued at 150 million (U.S. $190.3 million).
The division includes Barco's defense, avionics, air traffic control, training and simulation divisions. The group has offices in the U.S., Asia and Europe and about 600 employees.
Esterline, headquartered in Bellevue, Washington, is a specialized manufacturing company that focuses on products for the aerospace and defense markets. The deal allows the company to expand in Europe.
Barco shed the unit as it looks to streamline its portfolio and increase market share in commercial markets, the company's CEO Eric Van Zele says. The Kortrijik, Belgium-based company also operates entertainment, corporate, industrial, government and health care units.
Jones Day advised Barco on the sale. Taylor Wessing, Perkins Coie and Stibbe CVBA advised Esterline on the dael.
Other aerospace deals include TriMas Corp.'s (Nasdaq: TRS) purchase of Allfast Fastening Systems Inc., which makes parts of the aerospace industry, for $360 million in September, and Valence Technologies' acquisitions of Pride Plating, Dynamic Paint Solutions and Coastline Metal Finishing in August.
For more on the manufacturing sector, see Manufacturing Deals Reassemble 5 Significant Sectors.
For more on cross-border M&A, see Transatlantic Transactions.