Aerospace and mining company Shaanxi Ligeance Mineral Resources (SLMR) completed the acquisition of aerospace parts manufacturer Gardner Aerospace Holding in a deal worth 326 million pounds (6.53 million) on Friday, the Xinhua News Agency reported over the weekend.
SLMR is expanding into the aviation engine industry based on the company's production of the rare metal rhenium, which is a vital component of the engine, SLMR chairman Zhang Zheng was quoted as saying in the report.
Zhang noted that the strategic acquisition will allow the two companies to consolidate their advantages and provide first-class supply chain service for China's domestically developed aviation engines and unmanned aerial vehicles.
The deal was announced in November 2016, according to a statement SLMR sent to the Shenzhen Stock Exchange on November 11.
Gardner Aerospace, based in the UK, is one of the leading aerospace parts suppliers in Europe. Its sales and profits stood at 131 million pounds and 14.8 million pounds, respectively, in the year to August 31, 2016.