Commercial aerospace deal volume this year on pace to rank among busiest on record, Janes Capital data shows

Janes Capital 數據顯示，今年商業航空航天領域的交易量有望躋身歷史最繁忙行列

Strategic buyers are pursuing vertical integration and capability expansion across the supply chain

戰略買家正致力於在整個供應鏈中推進垂直整合和能力擴張

Boeing and Airbus production increases are boosting buyers’ confidence in long-term demand

波音和空中客車的產量增長提升了買家對長期需求的信心

By Dan Catchpole and Sabrina Valle

作者：Dan Catchpole 和 Sabrina Valle

SEATTLE, Sept 10 (Reuters) - Mergers and acquisitions are accelerating in the aerospace supply chain as clearer Boeing (BA.N) and Airbus (AIR.PA) production schedules give buyers more confidence in long-term demand, according to industry data and interviews with dealmakers and suppliers.

西雅圖，9 月 10 日（路透社）- 據行業數據以及對交易商和供應商的採訪顯示，隨着波音 (BA.N) 和空中客車 (AIR.PA) 的生產計劃更加清晰，買家對長期需求更有信心，航空航天供應鏈的併購活動正在加速。

Through August, aerospace and defense-focused investment bank Janes Capital Partners tracked 154 publicly disclosed commercial aerospace transactions this year, just shy of the annual record of 159 set in 2019.

截至 8 月，專注於航空航天和國防領域的投資銀行 Janes Capital Partners 今年已追蹤到 154 筆公開披露的商業航空航天交易，略低於 2019 年創下的 159 筆年度紀錄。

Buyers are targeting suppliers with scarce workers, specialized manufacturing capabilities and capacity that can help meet rising jet output. Major manufacturers are also seeking to secure supplies of critical components.

買家正瞄準那些擁有稀缺工人、專業製造能力和有助於滿足日益增長的飛機產量的產能的供應商。主要製造商也在尋求確保關鍵零部件的供應。

GE Aerospace (GE.N) this week announced the $12 billion purchase of castings supplier Consolidated Precision Products, as it races to expand engine production. In another large deal, Parker Hannifin agreed in May to buy Circor’s aerospace division, which makes actuation and landing-gear systems, from private equity firm KKR for $2.6 billion.

GE Aerospace (GE.N) 本週宣佈以 120 億美元收購鑄件供應商 Consolidated Precision Products，以競相擴大發動機生產。另一項大型交易中，派克漢尼汾（Parker Hannifin）於 5 月同意以 26 億美元從私募股權公司 KKR 手中收購 Circor 的航空航天部門，該部門生產作動系統和起落架系統。

Most transactions, however, have involved strategic buyers and private equity firms acquiring midsized or smaller suppliers.

然而，大多數交易涉及戰略買家和私募股權公司收購中型或小型供應商。

The 154 deals announced through August, which do not include the GE deal in September, had a combined value of $14 billion, compared with 157 worth $37.5 billion in all of last year, Janes Capital data showed.

Janes Capital 數據顯示，截至 8 月宣佈的 154 筆交易（不包括 9 月的 GE 交易）總價值為 140 億美元，而去年全年 157 筆交易的總價值為 375 億美元。

Deal numbers last peaked at 159 in 2019, with a combined value of $21.3 billion, before falling to 82 worth $3.3 billion in 2020 as the pandemic hit. The highest annual value was recorded in 2015, when 106 transactions totaled $59.4 billion.

交易數量在 2019 年達到 159 筆的峯值，總價值為 213 億美元，隨後隨着疫情衝擊，2020 年降至 82 筆，價值 33 億美元。年度最高交易價值記錄出現在 2015 年，當時 106 筆交易總額達 594 億美元。

BOEING PRODUCTION STABILIZES

波音生產趨於穩定

Boeing’s jetliner deliveries swung sharply over several years as the company faced a series of crises, falling from 806 in 2018 to 157 in 2020. They recovered to 528 in 2023 before production-quality problems pushed them back down to 348 the following year.

波音公司在經歷一系列危機後，其客機交付量在幾年間劇烈波動，從 2018 年的 806 架降至 2020 年的 157 架。2023 年回升至 528 架，但隨後因生產質量問題，次年又回落至 348 架。

Under a new CEO, Boeing has stabilized production of its best-selling 737 MAX and begun raising output, giving suppliers a clearer view of future demand. It delivered 600 jets last year, the most since 2018, and is on track to surpass that figure this year.

在新任首席執行官的帶領下，波音已穩定其最暢銷機型 737 MAX 的生產並開始提高產量，使供應商對未來需求有了更清晰的展望。去年波音交付了 600 架飛機，為 2018 年以來最高水平，今年有望超越這一數字。

Airbus’ output also fell during the pandemic but has risen steadily since. It aims to deliver 870 jets this year, exceeding its pre-pandemic record of 863 in 2019.

空中客車的產量也在疫情期間下降，但此後穩步上升。其目標是今年交付 870 架飛機，超過 2019 年疫情前 863 架的歷史紀錄。

“You could index the rate of increase in build and the rate of increase in deals, and it’ll track pretty closely,” said Anita Antenucci, founder of 3Wire Partners investment bank.

“你可以將產量增長率與交易增長率進行指數化對比，兩者的走勢非常接近，” 投資銀行 3Wire Partners 創始人安妮塔·安特努奇（Anita Antenucci）表示。

A backlog of potential sellers is also coming to market, bankers said. Many private equity firms held onto portfolio companies far longer than they typically would as pandemic-era production swings and bloated inventories made it difficult to value businesses with confidence.

銀行家們表示，潛在的賣家積壓羣體也正進入市場。許多私募股權公司持有投資組合公司的時間遠長於通常情況，因為疫情期間的生產波動和庫存積壓使得難以自信地對企業進行估值。

“There was no way a buyer — or you — had any idea what your revenues were going to be,” said Stephen Perry, managing director at Janes Capital.

“買家——或者你——根本無法知道收入會變成什麼樣，” Janes Capital 董事總經理斯蒂芬·佩裏（Stephen Perry）説。

As build rates stabilize and their trajectories become more predictable, buyers are growing more comfortable pricing in a target’s future performance — even against the backdrop of Boeing’s well-documented struggles.

隨着生產率趨於穩定且軌跡變得更加可預測，買家在對目標公司未來業績進行定價時感到更加從容——即使是在波音眾所周知的困境背景下。

That calculus played out last year when France-based DEMGY expanded into Boeing’s supply chain by acquiring Tool Gauge, a family-owned, midsized supplier of jetliner interior parts.

這種考量在去年顯現出來，當時法國公司 DEMGY 通過收購 Tool Gauge 進軍波音供應鏈，後者是一家家族擁有的中型客機內飾部件供應商。

Boeing was still struggling to stabilize production when DEMGY began looking at Tool Gauge, which is based in Tacoma, Washington, near Boeing’s 737 plant.

當 DEMGY 開始考察 Tool Gauge 時，波音仍在努力穩定生產。Tool Gauge 總部位於華盛頓州塔科馬市，靠近波音的 737 工廠。

DEMGY bet Boeing’s fortunes would turn around, and by moving early, it largely avoided a bidding war for Tool Gauge, said Mike Walter, president of DEMGY’s North American operations.

DEMGY 北美運營總裁邁克·沃爾特（Mike Walter）表示，DEMGY 押注波音的命運將會扭轉，並通過早期行動，很大程度上避免了對 Tool Gauge 的競購戰。

“Sometimes when you see an opportunity, you have to take it. We saw an opportunity,” he said.

“有時當你看到機會時，必須抓住它。我們看到了一個機會，” 他説。

He declined to disclose the purchase price. DEMGY had global revenue of €125 million in 2025.

他拒絕透露收購價格。DEMGY 在 2025 年的全球收入為 1.25 億歐元。

Competition for even small suppliers is increasing, though, particularly due to increased interest from private equity firms, dealmakers said.

不過，交易人士表示，即使是小型供應商的競爭也在加劇，尤其是由於私募股權公司的興趣增加。

Susan Kasa is on the receiving end of that scramble. The owner of Boulevard Machine, a small machine shop with a couple dozen workers outside Springfield, Massachusetts, said she now fields “two to three calls a day” from prospective buyers.

蘇珊·卡薩（Susan Kasa）正處於這場爭奪的風口浪尖。她是 Boulevard Machine 的所有者，這是一家位於馬薩諸塞州斯普林菲爾德郊外的小型機械加工廠，擁有幾十名員工。她表示，現在每天會接到潛在買家打來的 “兩到三個電話”。

Kasa said her trained workforce — a scarce commodity in an industry grappling with labor shortages — is part of what makes her company such an appealing target.

卡薩表示，她受過培訓的勞動力——在這個受勞動力短缺困擾的行業中的稀缺資源——是其公司成為如此誘人目標的部分原因。

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