Home Latest News ITT acquires Matrix Composites for $29M

ITT acquires Matrix Composites for $29M

White Plains-based ITT Inc. has acquired Matrix Composites Inc., a specialty aerospace component manufacturer, in an all-cash transaction valued at $29 million.

Matrix Composites is headquartered in Rockledge, Florida, and has 115 employees. Its estimated 2019 revenue is approximately $22 million. ITT said the acquisition will strengthen the company’s “connect and control” technologies operations.

“This acquisition expands our ability to serve our aerospace customers with a broader set of capabilities in the composites space,” ITT CEO and President Luca Savi said. “We look forward to Matrix joining ITT and to continuing to grow within the aerospace business.”

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Phil Hall's writing for Westfair Communications has earned multiple awards from the Connecticut Press Club and the Connecticut Society of Professional Journalists. He is a former United Nations-based reporter for Fairchild Broadcast News and the author of 10 books (including the 2020 release "Moby Dick: The Radio Play" and the upcoming "Jesus Christ Movie Star," both published by BearManor Media). He is also the host of the SoundCloud podcast "The Online Movie Show," co-host of the WAPJ-FM talk show "Nutmeg Chatter" and a writer with credits in The New York Times, New York Daily News, Hartford Courant, Wired, The Hill's Congress Blog, Profit Confidential, The MReport and StockNews.com. Outside of journalism, he is also a horror movie actor - usually playing the creepy villain who gets badly killed at the end of each film.

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