The TransDigm Group is a global designer, producer and supplier of engineered aircraft components. The new business will become part of Alcoa Fastening Systems. The deal is valued at $240M and is expected to be earnings and cash flow accretive in the first year.

TransDigm acquired the fastener business when it purchased McKechnie Aerospace in December 2010.

The three TransDigm fastener manufacturing facilities are located in Sylmar, California; and Redditch and Leicester, both in the UK and employ a combined 400 people.

Since they were founded in 1925 and the 1950s respectively, the Redditch, Sylmar and Leicester facilities have provided high-strength, high temperature nickel alloy engine fasteners, airframe bolts and slotted entry bearings.

The transaction is expectedto be completed in Q1 2011, subject to customary regulatory reviews and approvals. Employment levels will remain the same.

Alcoa Fastening Systems, is based in Torrance, California, and has more than 5500 employees and operates 29 locations in 10 countries.