Latest news with #DRBHicom
Free Malaysia Today
11 hours ago
- Business
- Free Malaysia Today
DRB-Hicom unit to buy Spirit AeroSystems Malaysia for RM426mil
Spirit Malaysia supplies components for Airbus and Boeing aircraft, including the A220, A320, A350, 737 and 787 programmes. (Spirit AeroSystems pic) PETALING JAYA : DRB-Hicom Bhd's wholly-owned subsidiary Composites Technology Research Malaysia Sdn Bhd (CTRM) will acquire aerospace manufacturer Spirit AeroSystems Malaysia Sdn Bhd for US$95.2 million (RM426.1 million). In a statement on Bursa Malaysia, DRB-Hicom said the deal would strengthen CTRM's aerostructure expertise and competitive position in the aerospace sector. Spirit Malaysia supplies components for Airbus and Boeing aircraft, including the A220, A320, A350, 737 and 787 programmes. For the financial year ended 2024, it posted a profit after tax of RM70.1 million on revenue of just over RM1 billion, with net assets of RM770.5 million. CTRM manufactures composite aerostructures for commercial and military aircraft such as the Airbus A320, A350, A380 and A400M. 'At the same time, CTRM will enhance its presence across the supply chain and be better positioned for long-term competitiveness and sustainable growth in an increasingly challenging and dynamic aerospace market,' DRB-Hicom said in a statement today. The addition of Spirit Malaysia will also boost CTRM's 'ability to bid for integrated work packages' while 'unlocking new contract opportunities', it added. It said the move also supported government efforts to position Malaysia as a regional aerospace hub under the New Industrial Master Plan 2030 and Malaysian Aerospace Blueprint 2030. If the European Commission and the US Federal Trade Commission do not approve the acquisition, or if any government authority opposes CTRM's purchase, the seller will pay a termination fee of US$7 million. AmInvestment Bank is advising DRB-Hicom on the deal.
Malay Mail
14 hours ago
- Business
- Malay Mail
DRB-Hicom to buy up Spirit AeroSystems Malaysia in RM426m deal
KUALA LUMPUR, Aug 11 — DRB-Hicom Bhd has announced plans to acquire the Malaysian operations of aerospace manufacturer Spirit AeroSystems for approximately US$95.2 million (RM426.1 million). The company said in a stock exchange filing today that the acquisition is expected to be completed by the end of the year. Once finalised, Spirit AeroSystems Malaysia Sdn Bhd will be fully owned by Composites Technology Research Malaysia Sdn Bhd (CTRM), DRB-Hicom's wholly owned aerospace subsidiary, The Edge reported. DRB-Hicom described the deal as a strategic move to strengthen CTRM's competitive position in the aerospace industry by expanding its aerostructure expertise. Spirit Malaysia supplies major components and assemblies for Airbus and Boeing aircraft, including the A220, A320, A321, A350, B737 and B787, from its facilities at the Malaysia International Aerospace Centre in Subang. The Subang site also functions as Spirit Malaysia's Southeast Asia hub and supports key global programmes. In 2024, Spirit Malaysia posted a profit after tax of RM70.1 million on revenue exceeding RM1 billion. CTRM develops and manufactures composite parts such as wing components for the A320, A350 and A380, nacelles for the A350, and various aerostructures for the A400M, B737, B787, B767 and B777 aircraft. According to DRB-Hicom, the combined entity will benefit from greater operational scale, stronger customer relationships, and improved leverage across the aerospace supply chain. The acquisition comes as Boeing seeks to purchase Spirit AeroSystems' US parent while Airbus has agreed to take over assets serving its own programmes, with DRB-Hicom noting that the deal is subject to regulatory approval and carries a US$7 million termination fee if blocked.
