© alphaspirit dreamstime.com General | April 02, 2019
FTG to purchase U.S.-based circuit board shop
Canada-based Firan Technology Group Corporation, a provider of electronic products and avionic sub-systems for the aerospace and defense markets, has entered into an agreement to acquire an as yet undisclosed U.S.-based circuit board manufacturer focused on the aerospace and defense markets.
The purchase agreement is for all the outstanding shares of the target company at a purchase price approximately USD 3 million. Once approved by the Committee on Foreign Investment in the United States (CFIUS) and following other customary closing conditions, the sale is expected to close in the second half of 2019. FTG Corporation President and CEO Brad Bourne said, “FTG had identified a desire to add US manufacturing capacity for standard technology product for aerospace and defense applications. This acquisition, if completed, will complement FTG’s existing facilities, add capacity and new customers. The increased capacity and product focus will enable FTG to continue to balance its work across existing facilities in Canada, the US and China, to allow all FTG facilities to better focus on technologies best suited for their site.” Firan Technology Group is headquartered in Toronto, Ontario, Canada. The Corporation's shares are traded on the Toronto Stock Exchange under the symbol FTG.