Senior Managers Buy Astech
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SANTA ANA — Alcoa Composites Inc. of Pittsburgh has completed the sale of its Astech division here to four senior Astech managers and the Boston-based Summit Partners investment firm for an undisclosed price.
Astech, headquartered in Santa Ana, manufactures components for commercial and military ships and aircraft, including those made by Boeing Co. and Douglas Aircraft Co., and the space shuttle.
At the same time, the management group and Summit bought Hexcel Corp.’s MCI division, a competitor of Astech’s based in the city of Industry. The two firms will be merged into a company called Astech/MCI Inc., said Stan Brown, senior vice president. MCI’s 55 employees will join Astech’s 420 employees in the Santa Ana location by June.
Astech/MCI Inc. anticipates being awarded several commercial airline contracts and is discussing new applications for its engine exhaust nozzles and metallic honeycomb panels with major aerospace companies, Brown said.
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