B/E Logo     Print Page | Close Window

News Releases

B/E Aerospace to Acquire Aerospace Logistics Expert Interturbine

WELLINGTON, Fla.--(BUSINESS WIRE)--Jun. 25, 2012-- B/E Aerospace (Nasdaq:BEAV), the world’s leading manufacturer of aircraft cabin interior products and the world’s leading distributor of aerospace fasteners and consumables, announced today that it has signed a definitive agreement to acquire Interturbine Aviation Logistics GmbH, Interturbine Logistics Solutions GmbH, and Interturbine Technologies GmbH (collectively Interturbine), a leading provider of material management logistical services to global airlines and maintenance, repair and overhaul (MRO) providers. Interturbine is a “One Stop Source,” reducing aircraft downtime for airlines and MRO’s. Over 60 percent of Interturbine’s business is generated on an urgent Aircraft-on-Ground (AOG) basis, requiring response within 4 to 24 hours.

Interturbine provides more than 500,000 part numbers from approximately 3,000 suppliers for its customers. Interturbine’s product range includes chemicals, lubricants, hydraulic fluids, adhesives, coatings, and composites. Interturbine also supplies fasteners, cables and wires, electronic components, electrical and electromechanical materials, tools, hot bonding equipment and ground equipment to its primary customer base of airlines and MRO providers globally.

“The acquisition of Interturbine doubles our consumables product portfolio, and more importantly, positions our Company to offer a comprehensive range of products and services on a single-source basis to our customers globally. This acquisition supports our commitment to provide the best and broadest portfolio of aerospace consumables and logistics services to our customers,” said Amin J. Khoury, Chairman and Chief Executive Officer of B/E Aerospace. “Our future revenue growth will be fueled by key positions on critical customer platforms, our ability to respond to customer demand for same day service, and our ability to respond to aerospace customer trends toward outsourcing more and more key elements of the supply chain through enhanced product offerability and complex logistic solutions.”

Mr. Burckhard Schneider, President and Chief Executive Officer of Interturbine, added, “We are delighted to be working with B/E Aerospace and believe this partnership will move Interturbine into an exciting further stage of its development.”

Mr. Khoury concluded, “The acquisition purchase price is approximately €200 million in cash. We expect this acquisition to be approximately neutral to 2012 and 2013 earnings, and solidly accretive to earnings beginning in 2014. The accretion to operating earnings from the Interturbine transaction in 2013 is expected to be offset by acquisition, integration and transition costs.” The transaction is subject to regulatory approval and is expected to close during the fourth quarter of 2012.

Shearman & Sterling LLP acted as legal counsel to B/E Aerospace in connection with the transaction. Steen Associates acted as financial adviser and Graf von Westphalen acted as legal counsel to Interturbine in connection with the transaction.

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements involve risks and uncertainties. The Company’s actual experience and results may differ materially from the experience and results anticipated in such statements. Factors that might cause such a difference include those discussed in the Company’s filings with the Securities and Exchange Commission (SEC), which include its Proxy Statement, Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. For more information, see the section entitled "Forward-Looking Statements" contained in the Company’s Annual Report on Form 10-K and in other filings. The forward-looking statements included in this news release are made only as of the date of this news release and, except as required by federal securities laws and rules and regulations of the SEC, the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

About B/E Aerospace

B/E Aerospace is the world’s leading manufacturer of aircraft cabin interior products and the world’s leading distributor of aerospace fasteners and consumables. B/E Aerospace designs, develops and manufactures a broad range of products for both commercial aircraft and business jets. B/E Aerospace manufactured products include aircraft cabin seating, lighting, oxygen, and food and beverage preparation and storage equipment. The Company also provides cabin interior design, reconfiguration and passenger-to-freighter conversion services. Products for the existing aircraft fleet – the aftermarket – generate approximately 50 percent of sales. B/E Aerospace sells and supports its products through its own global direct sales and product support organization. For more information, visit the B/E Aerospace website at www.beaerospace.com.

Source: B/E Aerospace

B/E Aerospace
Greg Powell, 561-791-5000 Ext. 1450
Vice President, Investor Relations