Zamudio, Spain-headquartered ITP Externals, S.L. has bought out both its founding partners’ share in their joint venture in India. The company is now known as ITP Externals India, a subsidiary of ITP dedicated to the design and manufacture of aircraft engine external components, reports Defense-Aerospace. The plant in India is dedicated exclusively to the production of raccords or ‘end-fittings’ for subsequent welding onto rigid tubes for aircraft engines. In the coming years its activity is expected to grow significantly with an evolution towards more complex products.
Regarding the acquisition, ITP’s CEO Ignacio Mataix said, “We are very satisfied with the evolution of our production in India, which has led us to acquire 100% of the company. We have fulfilled all of the production, cost and quality goals that we set ourselves four years ago. Given the importance of ‘externals’ in the ITP Strategic Plan 2016-2020 which we are in the process of launching, this operation gives the company a significant boost in terms of competitive advantage.”