Spirit AeroSystems has signed a $650m definitive agreement to acquire Asco Industries’ parent company SRIF NV.

Asco provides high-lift wing structures, mechanical assemblies and major functional components to major original equipment manufacturers (OEMs) and Tier-1 suppliers serving the global commercial aerospace and military markets.

Expected to be completed by the second half of this year, the deal is subject to regulatory approvals and customary closing conditions, including foreign currency adjustments.

Spirit plans to finance the deal through new debt.

“Asco is a compelling fit for Spirit that aligns extremely well with the strategic priorities we have been communicating.”

Asco Industries CEO Christian Boas said: “Throughout Asco’s history, we have been committed to delivering innovative and value-added products for our customers.

“This transaction with Spirit represents an excellent outcome for Asco and as we become part of a larger, global enterprise with greater combined expertise and resources, we will be even better positioned to do that.”

Asco expects to generate about $400m in revenues this year.

Spirit AeroSystems president and CEO Tom Gentile said: “Asco is a compelling fit for Spirit that aligns extremely well with the strategic priorities we have been communicating.

“Specifically, it expands our Airbus content on A320 and A350 wings, adds new defence content on the F-35 and broadens our commercial capabilities to help grow our fabrication business.”

Spirit AeroSystems is primarily involved in the design and manufacture of aerostructures for both commercial and defence sectors.

The company is based in Wichita, Kansas, US, and operates sites in the US, UK, France and Malaysia.

Asco currently employs around 1,400 people across its four manufacturing sites in Vancouver, Canada, Stillwater in Oklahoma, US, and Gedern, Germany, as well as its headquarters in Zaventem, Belgium.