ACRO, Gatwick Diamond International Business of the Year Award Winner 2015, to be acquired by the Chinese
05 October 2017
Acro Aircraft Seating has announced that is to be acquired by Zhejiang
Science and Technology Investment Company (ZTC) for £55m, subject to the satisfaction of certain conditions including regulatory approval.
The acquisition will accelerate Acro’s access to the Chinese market. ZTC is the parent company of Zhejiang Tiancheng Controls Co., a manufacturer of seats for construction vehicles, trucks and cars listed in Shanghai.
Co-founder and CEO Chris Brady and the company’s management team will continue in their roles, leading ‘One Acro, globally’ from its headquarters at Gatwick in the UK. Acro intends to open a second production facility in Shanghai and in due course a third in the US. The company will continue its product led growth strategy, which will be enhanced by ZTC’s connections in China.
Acro was founded in 2007 and is now a major player in the global market for economy aircraft seats. In January this year, following the successful supply of seats for linefit since 2015, Acro officially extended its reach and accessibility to scheduled flag carriers and new-build aircraft with the inclusion of their products in the Airbus BFE Catalogue.
Over the past 10 years Acro have designed, certified and manufactured more than 90,000 seats on multiple platforms, with established offices in Miami, Kuala Lumpur and China to address demand, as customer airlines operating in both Asia Pacific and the North America regions grow.
Chris Brady, Acro CEO, said: “The acquisition by ZTC is a significant opportunity and vote of confidence in us and our mission to ‘Perfect Comfort for Passengers’. ZTC both shares this vision and bring huge potential to reach the Chinese market, which is of major strategic advantage.”
Chen Bangrui, ZTC Chairman said: “ZTC has built a strong position in seating for construction vehicles and trucks in the past 25 years and has been expanding into seats for passenger cars. It has been our ambition to succeed in the aircraft seating market for some time, so we’re delighted to have struck this deal with Acro who share our vision to be a world-class supplier of high value-added seats.”