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.”