Fairchild to Buy Kaynar for $365 Million

Fairchild Corp., a maker of fasteners for airplane production, agreed to buy Orange-based Kaynar Technologies Inc. for $365 million in cash and assumed debt in a bid to broaden its product lines and geographical base. Fairchild will pay Kaynar shareholders $28.75 a share, a 17% premium over Kaynar’s closing price Thursday of $24.63, up 63 cents, on Nasdaq. Fairchild will also assume $98 million in debt. Dulles, Va.-based Fairchild, which had taken a 7.12% stake in Kaynar in November, said the purchase would give it about $685 million in combined revenue, about 70% more than its current annual sales. Kaynar also makes fasteners for the airline and defense industries. A majority of Kaynar shareholders have agreed to support the sale. Fairchild has factories in the U.S., France, Germany and Portugal. Kaynar has operations in the U.S., Australia and Hungary.