LORD Corporation Closes Acquisition of SKF’s Fly-by-Wire Systems France Subsidiary
(Cary, N.C. – June 30, 2016) – LORD Corporation announced it has completed the acquisition of Fly-by-Wire Systems France (FbW). Based in Saint-Vallier, France, FbW designs and manufactures cockpit controls, sensors, dampers and electromechanical actuators primarily for fly-by-wire systems on commercial fixed-wing aircraft.
LORD announced its intentions to acquire FbW in March pending necessary governmental approvals and closing actions by both parties.
FbW enjoys a history of innovation in its field beginning with its collaboration with Airbus for the first introduction of fly-by-wire technology on the A320 commercial jetliner. Its innovative product line is highly complementary to LORD capabilities in mechanical, electromechanical and dynamic systems.
The acquisition by LORD positions LORD and FbW for further expansion into new markets and regions, and provides LORD a major aerospace engineering and manufacturing presence in Europe. Under LORD ownership, FbW will continue to operate out of its current location in France while retaining its current workforce.
LORD customers 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 investment in innovation and development of FbW’s product portfolio, as well as its manufacturing and supply chain management capability.
“We are extremely pleased to welcome Fly-by-Wire and its outstanding employees to the LORD family,” said Ed Auslander, president and CEO, LORD Corporation. “This acquisition provides our customers additional value in the form of broader aerospace presence and application expertise, while both organizations will benefit by gaining increased access to the critical markets in which they each have strong value propositions. We are excited about this acquisition and the growth opportunities it brings.”
LORD will continue to identify strategic acquisition opportunities that will further enhance its offer to global aerospace customers, building from the expanded range of capabilities through FbW and earlier investments in sensing and electromechanical technology.
Angermann M&A International AG served as financial advisor for this transaction.
About LORD Corporation
LORD Corporation is a diversified technology and manufacturing company developing highly reliable adhesives, coatings, motion management devices, and sensing technologies that significantly reduce risk and improve product performance. For more than 90 years, LORD has worked in collaboration with our customers to provide innovative oil and gas, aerospace, defense, automotive and industrial solutions. With world headquarters in Cary, N.C., LORD has approximately 3,100 employees in 26 countries and operates 19 manufacturing facilities and 10 R&D centers worldwide. LORD actively promotes STEM education and many other community engagement initiatives. For more information, visit http://www.lord.com.
