White Plains-based ITT Inc. has acquired Matrix Composites Inc., a specialty aerospace component manufacturer, in an all-cash transaction valued at $29 million.
Matrix Composites is headquartered in Rockledge, Florida, and has 115 employees. Its estimated 2019 revenue is approximately $22 million. ITT said the acquisition will strengthen the company’s “connect and control” technologies operations.
“This acquisition expands our ability to serve our aerospace customers with a broader set of capabilities in the composites space,” ITT CEO and President Luca Savi said. “We look forward to Matrix joining ITT and to continuing to grow within the aerospace business.”