MAGROUP a leading provider of landing gear systems and composite aerostructure components for fixed and rotary wing medium size aircraft platforms, on Wednesday announced the acquisition of Tecnickrome Aeronautique Inc, and CFN Precision Ltd, respectively in MONTREAL and in TORONTO – wholly-owned subsidiaries of SUMITOMO Precision Products Co. Ltd operating in the Aircraft landing gear technologies.
The acquisition, which marks the entry of the MAGROUP into the Canada aerospace market, is the latest milestone in the evolution of the Company that has its headquarters in Italy.
Under the leadership of Paolo Graziano, Group CEO and majority shareholder, the company has
expanded its global footprint significantly over the last decade, with operations facilities also in Brazil, in the United States and in UK. Founded in 1936, the Group has a significant backgroundoperating with major international airframers on the most important aircraft programs.
Giorgio Iannotti, CEO Landing Systems Division for MAGROUP, said: “The Canadian aerospace market offers important opportunities; there are several programs that are of interest to us. The acquisition of Tecnickrome and CFN is just an additional step in our journey to become a significant player in the market as a supplier of flight safety critical systems and complex engineered solutions for the aerospace sector. We intend to expand our presence not only in the Canadian market but also strengthen our global North American Industrial footprint.”