Plaintree Systems Inc Announces Purchase Of A US Based Aerospace Company
Plaintree Systems Inc. (Plaintree, traded on CNSX under the symbol NPT)
today announced the completion of its acquisition of the business and
assets of Summit Tool Corporation of Pocono Summit, Pennsylvania.
Plaintree Systems Inc. (Plaintree, traded on CNSX under the symbol NPT) today announced the completion of its acquisition of the business and assets of Summit Tool Corporation of Pocono Summit, Pennsylvania. This newly acquired business will be operated by Plaintree’s US based subsidiary, Summit Aerospace USA Inc. (Summit Aerospace). It is anticipated that the business will continue to be carried on in its current location without interruption. “We are excited about this acquisition,” said David Watson, Plaintree CEO. “This company has been a very successful and consistently profitable value added manufacturer of Aerospace engine components for over 30 years. The end users of its products are all of the largest helicopter and aircraft engine manufacturers.” “This positions our aerospace division in the high value engine component sector.” Summit Aerospace provides precision machining of Nickel-based Superalloys and titanium, (Inconel 718, Nimonic Series and René 41), up to 36 inches in diameter and holding tolerances of 1/1000, to the aerospace and defense markets The components machined by Summit include components for Turbine shrouds,, seal assemblies and pressures seals. Other machined engine components include diffusers, upper flanges, forward flanges, housings, stationary air seals, outer cases and bearing housings. About Plaintree SystemsPlaintree has two diversified product lines consisting of Specialty Structures and Electronics. The Specialty Structures Division includes the former Triodetic Group with over 40 years of experience, is a design/build manufacturer of steel, aluminum and stainless steel specialty structures such as commercial domes, free form structures, barrel vaults, space frames and industrial dome coverings, and the newly formed Arnprior Fire Trucks Corp., a manufacturer of high end fire and emergency vehicles. The Electronics Division includes the legacy Hypernetics and Plaintree free space optics (FSO) businesses. Plaintree’s FSO systems transmit data at high speeds using beams of light instead of traditional radio frequency which can suffer from congestion. Hypernetics was established in 1972 and is a manufacturer of avionic components for various applications including aircraft antiskid braking, aircraft instrument indicators, solenoids, high purity valves and permanent magnet alternators.