It’s business as usual at GE Aviation, a leading member of the Isle of Man Aerospace Cluster, after it was revealed it is being bought by a Pennsylvania company as part of a deal worth more than £40 million.
Aerospace firm Triumph Group is buying GE Aviation’s hydraulic actuation business, which has factories in the US and England as well as the Isle of Man.
The factory on School Lane in Onchan produces hydraulic components for aircraft landing gear and was bought by GE Aviation in 2007. The acquisition is still subject to regulatory approvals and is expected to be finalised over the summer.
Chris Allen, general manager of the Onchan business, told the Independent the 130 members of staff were informed of the move at lunchtime on Tuesday and said it was very much ‘business as usual.’
He said it was a ‘declaration of intent’ by the Triumph Group, and for now the business is still being run by the GE Group.
The business is a technology leader in actuation systems and does extensive business with Boeing, Airbus and other major players in the aviation world.
Jeffry Frisby, Triumph’s chief executive officer, said: ‘The addition of GE Aviation’s hydraulic actuation business will be a good fit within our Aerospace Systems segment and provide additional proprietary systems that augment our existing hydraulic system capabilities.’
Triumph Group, headquartered in Berwyn, Pennsylvania, designs a portfolio of aerostructures, aircraft components, accessories, subassemblies and systems.