LORD Corporation Signs Agreement to Divest and License Coatings to SOCOMORE
(Cary, N.C. – August 29, 2016) – LORD Corporation has agreed to divest its Aeroglaze® and Chemglaze® product lines and license LORD® UltraConductive™ lightning strike protection (LSP) products for worldwide sales to Groupe SOCOMORE S.A.
LORD, however, will continue to manufacture all products for SOCOMORE through a toll manufacturing agreement. The acquisition, expected to close by the end of September, will not impact any LORD employees. Aerospace coating customers will benefit from the consolidated expertise of both companies in this strategic agreement.
“We continually assess our product portfolio to ensure it is aligned with our strategy,” said Ed Auslander, president and CEO, LORD Corporation. “This divestment and licensing agreement allows us to focus on growing our core businesses and adjacent spaces.”
“The agreement with LORD Corporation is an important milestone in SOCOMORE’s international growth strategy and we are enthusiastic about this partnership with one of the industry leaders that reinforces our Aerospace product portfolio with a high value added coating technology,” commented Frederic Lescure, CEO of SOCOMORE. Headquartered in Vannes, France, SOCOMORE is a worldwide solutions provider in critical surface preparation, processing and protection in commercial aviation, defense, energy and industrial markets.
LORD will divest the Aeroglaze and Chemglaze product lines to SOCOMORE through its Texas-based subsidiary, Dysol, Inc. SOCOMORE has a long history of doing business in North America, manufacturing and supplying major OEMs and MROs with its proprietary products, including critical cleaning solvents (Diestone and Dysol), Dynamold liquid shims, MagChem products for aircraft engines and an extensive line of surface preparation products.
For more information, contact LORD Corporation at +1 877 ASK LORD (275 5673).
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.
About SOCOMORE
A European company founded in 1972, the SOCOMORE Group represents a € 43 million turnover in 2015, with 210 employees and 13 subsidiaries worldwide. SOCOMORE designs, manufactures and commercializes specialty chemical solutions for critical operations: preparation, treatment, protection, and control of metal or composite surfaces for the transport industries (aerospace, automotive, rail), energy, rail or any industry linked to metals and composite. For more information, visit http://www.socomore.com .
