Robert L. Veloz, president and chief executive officer of the J.C. Carter Co., said that he and two of his business associates have purchased the Costa Mesa fuel systems manufacturing firm for an undisclosed amount of cash from its Massachusetts-based parent company.
Veloz and his partners bought the company, to be run as a privately held firm, from Armatron International, Inc., a maker of consumer electronics. Financing for the purchase was provided by Security Pacific Bank, Veloz said.
Veloz's co-investors are Harry Derbyshire and Anthony Goodchild. Derbyshire, a retired vice president and board member of the Whittaker Corp., has been named chairman, and Goodchild, who is retiring as chairman of Armatron, has been named vice chairman.
J.C. Carter, which specializes in the design and manufacturing of aerospace-related fuel systems, also said it recently was awarded a five-year contract by Boeing Aircraft Co. to supply fuel valves for three models of the airplane manufacturer's jumbo jets and for one of its smaller aircraft. The Boeing contract will bring J.C. Carter $1.7 million in revenues during the first year, the company said.
At the time of his appointment as president and CEO of J.C. Carter in April, Veloz was an aerospace industry consultant. Previously, he was a senior operating executive at Whittaker Corp. for 12 years.