Friday, Ladish Co. Inc. (LDSH), a producer of highly engineered technically advanced components, announced that it has completed merging Chen-Tech Industries, Inc. a forger of jet engine components, with a wholly-owned subsidiary.
As per the deal, approximately $59 million will paid in a combination of cash and Ladish common stock to Chen-Tech. The merger is expected to be accretive to Ladish's 2008 earnings.
Commenting on the merger, Kerry Woody, president and chief executive officer of Ladish, said, "Together, we expect to increase our worldwide market share of rotating engine components by capturing targeted growth opportunities."
The Cudahy, Wisconsin-based company noted that the acquisition provides Ladish with a broadened product offering and increased market share on mutual aerospace programs.
LDSH is trading down $0.66 or 2.61% at $24.67 on a volume of about 58 thousand shares.
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