(Yicai Global) Sept. 21 -- The controlling shareholder of Zhejiang Tiancheng Controls Co. [SHA:603085] will acquire British aircraft seat manufacturer Acro Aircraft Seating Limited, for GBP55 million (USD74.1 million), and will eventually inject it into the listed company after completing relevant procedures.

The controlling shareholder, Zhejiang Tiancheng Tech-Investment Co. signed the sale agreement with Acro Aircraft on Sept. 19, said a statement from the Zhejiang-based transportation seat manufacturer.

The target company engages in research and development, assembly and sales of aircraft seats, the statement said, adding its products have been certified by the European Aviation Safety Administration (EASA).

Acro's major customers include financial services and leasing company GE Capital and airline companies such as Air New Zealand, Frontier Airline, Allegiant Airline and Spirit Airline.