LORD Corp. to acquire SKF’s Fly-By-Wire Systems France commercial avionics subsidiary
CARY, N.C., 18 March 2016. LORD Corp. officials in Cary, North Carolina, intend to acquire SKF’s Fly-By-Wire Systems France (FbW) subsidiary, a designer and manufacturer of cockpit controls, sensors, dampers, and electromechanical actuators primarily for fly-by-wire systems on commercial fixed-wing aircraft, based in Saint-Vallier, France.
FbW collaborated with Airbus for its first introduction of fly-by-wire technology on the A320 commercial jetliner. Its product line is complementary to LORD capabilities in mechanical, electromechanical and dynamic systems.
The acquisition by LORD will position both entities for greater expansion into new markets and regions, and provide LORD a major aerospace engineering and manufacturing presence in Europe.
LORD customers will now have access to a broader offering around the world of best-in-class dynamic components and electromechanical systems. FbW customers will see renewed focus on innovation and development of FbW’s product portfolio as well as its manufacturing and supply chain management capability.
“The acquisition of Fly-By-Wire Systems France will provide our customers additional value in the form of broader aerospace presence and application expertise, as well as a proven history in providing solutions for mission-critical applications,” says Ed Auslander, president and CEO, LORD Corp. “Both organizations will benefit by gaining increased access to the critical markets in which they each have strong value propositions.”
The LORD and SKF teams will work over the next three to four months to close the acquisition. Under LORD ownership, FbW will continue to operate out of its current location in France while retaining its current workforce.
Angermann M&A International AG serves as financial advisor for this transaction.
LORD Corp. is a diversified technology and manufacturing company developing reliable adhesives, coatings, motion management devices, and sensing technologies that reduce risk and improve product performance. For more than 90 years, LORD has worked in collaboration with customers to provide oil and gas, aerospace, defense, automotive, and industrial solutions. With world headquarters in Cary, N.C., and revenues in excess of $800 million, LORD has approximately 3,000 employees in 26 countries and operates 17 manufacturing facilities and nine R&D centers worldwide.
SKF is a global supplier of bearings, seals, mechatronics, lubrication systems, and services which include technical support, maintenance and reliability services, engineering consulting, and training. SKF is represented in more than 130 countries, has headquarters in Gothenburg, Sweden, and has around 17,000 distributor locations worldwide.
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