Cornerstone Acquires Walbar Engine Components
TEMPE, AZ -- On September 9, 2016, Cornerstone Capital Holdings acquired Walbar Engine Components (www.walbaraero.com) from UTC Aerospace Systems, a division of United Technologies (NYSE:UTX). Walbar is a leading manufacturer of hot section blades, vanes and related components used in commercial, military and industrial gas turbine engines. Walbar operates from a state-of-the-art, 70,000 sf facility in Guaymas, Mexico and will establish its corporate headquarters in Tempe, Arizona.
Concurrent with the acquisition, James Dickson will assume the role of General Manager in Guaymas to oversee all company operations. Mr. Dickson is an industry expert who began his career with Rolls Royce and has since successfully operated several engine component businesses.
“We are extremely excited to transform Walbar into a dynamic, nimble and innovative supplier of critical engine components to our blue chip customer base,” Dickson remarked. “We have an excellent workforce in Guaymas that will be the driving force behind our growth and success, and we can't wait to get started.”
Cornerstone anticipates a smooth transition for Walbar into an independent business and expects to sponsor investment initiatives to support future growth. This transaction is the fifth corporate divestiture purchase completed by Cornerstone and fits our overall strategy to expand operations within the aerospace and defense industries.
About Cornerstone
Cornerstone Capital Holdings is a diversified holding company comprised of leading manufacturing and industrial service businesses. Cornerstone companies serve aerospace, defense, space and various industrial markets from eleven locations throughout North America. Founded in 2000, Cornerstone has grown both organically and through multiple, targeted acquisitions.
Direct all inquiries to:
Jonathan Alt
jalt@cstonecapital.com
(215) 628-4486