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 aircraft and industrial turbine engines. The company 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, Timothy Grein has assumed the role of President and CEO.Tim brings a tremendous array of experience in aerospace manufacturing and management in private equity environments.A West Point graduate and United States Army veteran, Tim began his professional career at GE Power Systems before transitioning into operations and executive leadership.
“We are extremely excited to transform Walbar into a dynamic, nimble and innovative supplier of critical engine components to our blue chip customer base,” Grein 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 begin additional capital investment early on to support future growth.This transaction represents the fifth corporate division purchased by Cornerstone and fits its overall strategy to expand operations within the aerospace and defense industries.
Cornerstone Capital Holdings is a diversified holding company comprised of leading manufacturing and industrial service businesses.Cornerstone companies serve the 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.