Delta-headquartered Avcorp Industries Inc. (TSX:AVP) has acquired Burlington, Ontario-based Comtek Advanced Structures for an undisclosed sum.
The deal will add to Avcorp's expertise in the design and manufacture of advanced composite aircraft structures.
One of Comtek's developments is a proprietary resin infusion technology that has been used on the Airbus A380, the largest commercial aircraft under development.
As part of the deal, Avcorp will invest $1.5 million in Comtek and pay the company's principal shareholders one-third of Comtek's EBITDA for the year ending December 31, 2010.
Comtek's principals have agreed to remain as senior management of the company, which employs 90 people at its Burlington facility.
Avcorp's share price range during the past week: between $1.50 and $1.57; 52-week high: $2.69; 52-week low: $1.40.