Quarterly report [Sections 13 or 15(d)]

Subsequent Events

v3.25.2
Subsequent Events
6 Months Ended
Jun. 28, 2025
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
On June 30, 2025, the Company purchased the membership interests of Envoy Aerospace, LLC, located in Aurora, Illinois. Envoy Aerospace is an FAA Organization Designation Authorization (“ODA”) services provider. Envoy Aerospace is included in our Aerospace segment. The total purchase price was approximately $8.3 million, net of cash acquired and the estimated closing adjustment. Of the purchase price, $4.5 million was paid at the closing date, $2.0 million will be paid in one year from the closing date, and $1.8 million will be paid in two years from the closing date based on certain milestones. The Company expects to complete a preliminary allocation during the third quarter of 2025. Purchased intangible assets and goodwill are expected to be deductible for tax purposes over 15 years. This transaction was not considered material to the Company’s financial position or results of operations.