Koniag buys into aerospace company

Posted: Sunday, August 03, 2003

ANCHORAGE (AP) Koniag Inc., an Alaska Native corporation, has bought controlling interest in an aerospace company based in Port Angeles, Wash.

Angeles Composite Technologies Inc. manufactures wing-edge components for aircraft ranging in size from business jets to 747s.

Koniag's purchase price has not been disclosed.

The new partnership will open the door to large-scale U.S. defense contracts, said Mike Rauch, chief executive of the Washington company. He said the venture will inject capital for facilities expansion and could eventually create as many as 400 jobs.

Koniag, which has offices in Anchorage and Kodiak, is certified as a small disadvantaged business, giving it preference for commercial and defense contracts, Rauch said.

Koniag has offices in Anchorage and Kodiak.

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