Safran has entered into an agreement with Raytheon Technologies to acquire its division responsible for manufacturing flight control systems for aircraft, helicopters and missiles. The acquisition represents Safran's most significant purchase since 2018, when it acquired French air seat manufacturer Zodiac Aerospace for $7.7 billion.

Safran, a French supplier to the aerospace industry, said the acquisition will strengthen its position in critical flight control and propulsion functions given that both companies have complementary product offerings. Safran expects the transaction to generate sales of approximately $1.5 billion and EBITDA of $130 million by 2024, while it also expects synergies of approximately $50 million.

Since 2018, the aviation industry has faced significant challenges as a result of the Covid-19 pandemic. Even now, it continues to face supply chain disruption and materials issues as customer demand in the aerospace industry begins to rise again. Safran's revenues are diversified, with a significant portion coming from the supply of engines for both civil and military aircraft. In addition, its aircraft interiors business also contributes significantly, accounting for nearly 60% of the Group's revenue in 2022.