Exhibit 99.1
EDAC TECHNOLOGIES ANNOUNCES PROPOSED ACQUISITION OF REPAIR
BUSINESS UNIT
FARMINGTON, Conn., December 5, 2007 — EDAC Technologies
Corporation (NASDAQ: EDAC) announced today that it has entered into
an asset purchase agreement with MTU Aero Engines North America,
Inc. (“MTU”). Under the agreement, EDAC Technologies
will purchase the assets of MTU’s Repair Business Unit,
including its facility located at 35 Holland Drive in Newington,
Connecticut. MTU’s Repair Business Unit is engaged in
precision machining for the maintenance and repair of selected
components in the aircraft engine industry. MTU’s Repair
Business Unit has 11 employees, and EDAC intends to offer
employment to each of them.
Dominick A. Pagano, President and
Chief Executive Officer of EDAC Technologies, said, “We are
clearly excited about this acquisition. It permits us to further
diversify our core Aerospace business to adjacent markets and is
consistent with our long term growth plan.”
The acquisition, which is subject to
various normal closing conditions, is expected to close by the end
of this year.
About EDAC Technologies Corporation
EDAC Technologies
Corporation is a diversified manufacturing company primarily
offering (i) design and manufacturing services for the
aerospace industry in such areas as jet engine parts, special
tooling, equipment, gauges and components used i
