By MARY JOHNSON PEARSON, Associated Press Johnson’s propeller has long been a staple of the propeller world.
But its popularity has plummeted over the past few years, with the company selling only about 3 million of the blades.
Now, with a big wave of new models from rival company Pratt & Weber, Johnson is selling the rest.
The company announced Tuesday that it would buy Pratt &s; Weber’s long-time customer, the American-based aircraft manufacturer Pratt &Adams.
It will keep its name and logo.
“Johnson is one of the most recognized and trusted names in aircraft propulsion,” said Jeff Gagnon, president and CEO of Pratt & Adams.
“They have been our premier supplier of propellers for over 30 years and we are delighted to be partnering with them to ensure that Johnson remains the leader in the industry.”
has long used Pratt &ams.
propellers, which have been the industry standard since the 1930s.
is a division of the Pratt &nams.
corporation, based in South Carolina.
It is the largest maker of propeller blades in the world.
It makes more than 500,000 of them a year.
sells propellers and other equipment to airlines, military and others.
The deal includes a 20% stake in Pratt&ams.
in the combined company.
Johnson said it was making about $200 million in profit and was making $60 million from the deal.
shares fell nearly 10% Tuesday.
Johnsons sales were up slightly in the past year, but fell short of the $500 million the company had forecast in 2017.
It has said the deal could help the company’s aerospace business.
“The new company is poised to lead in our aircraft propulsion segment, which will include new high-performance aircraft and the use of Pratt&amds.’ propellers in future products and processes,” Pratt & amds.
president and chief executive officer Jim Brown said in a statement.
Johnsson will continue to be based in England.
It already has about 100 employees in the U.K. and the U,S., Canada, Australia and New Zealand.
was spun off from Pratt&ammds.
is part of a large group of aerospace companies that includes the Boeing Co., Pratt and Whitney, Northrop Grumman and General Electric.
had $5.6 billion in revenue in 2017, up about 5% from a year earlier.
It said it had about $20 billion in total revenue and more than $40 billion in earnings.
Johnnsons shares are up about 1% this year.