Diploma buys US fastener maker Peerless for £236m

By

Sharecast News | 27 Mar, 2024

17:30 21/11/24

  • 4,222.00
  • 2.38%98.00
  • Max: 4,230.00
  • Min: 4,104.00
  • Volume: 492,179
  • MM 200 : 4,035.55

Diploma said it had bought Peerless Aerospace Fastener, a distributor of specialty fasteners into the US and European aerospace markets for £236m.

Based in Farmingdale, New York and founded in 1952, Peerless is an approved supplier to all major aerospace companies globally, primarily serving around 80 sub-contractors to the major equipment manufacturers.

“Aerospace fasteners represents a $7bn, highly fragmented addressable market. They are highly specialised products and amongst the most critical components in aircraft manufacturing. An aircraft contains around 1 million fasteners, representing up to 5% of total aircraft build value,” Diploma said on Wednesday.

“There is currently a 10+ year backlog for commercial aircraft manufacture, and the combination of new build and ongoing maintenance supports sustainable long-term market growth.”

Reporting by Frank Prenesti for Sharecast.com

Last news