Howmet Aerospace said it has signed a definitive agreement to acquire Consolidated Aerospace Manufacturing (CAM) from Stanley Black & Decker in an all-cash deal valued at approximately $1.8 billion. The acquisition is aimed at expanding Howmet’s aerospace fastening systems business by adding CAM’s portfolio of precision fasteners, fluid fittings, and other highly engineered components used across aerospace and defense platforms.
Howmet said the transaction is expected to receive favorable federal tax treatment, producing a significant tax benefit for the company. The company expects CAM to generate fiscal year 2026 revenue of approximately $485 million to $495 million, with an adjusted EBITDA margin above 20% before synergies. Howmet added that the combination of anticipated synergies and the tax benefit is expected to result in an adjusted EBITDA transaction multiple of about 13x for fiscal year 2026.
Howmet said the deal is expected to close in the first half of 2026, subject to customary closing conditions and regulatory approvals. J.P. Morgan Securities is serving as financial advisor to Howmet, and Cleary Gottlieb Steen & Hamilton is serving as legal counsel.
Howmet, headquartered in Pittsburgh, is a global provider of advanced engineered solutions spanning jet engine components, aerospace fastening systems, airframe structural components, and forged aluminum wheels for commercial transportation.
KEY QUOTE:
“The acquisition of CAM is a major step in our strategy to build out our differentiated fastener portfolio. CAM’s established brands, engineering prowess, and deep customer relationships are a perfect complement to our existing business. This transaction will allow us to better serve our aerospace and defense customers with a broader offering of mission-critical fastening solutions and represents a compelling use of capital to drive value for our shareholders.”
John C. Plant, Executive Chairman and Chief Executive Officer of Howmet Aerospace
