LORD Corporation Signs Agreement To Acquire MicroStrain, Inc.
CARY, N.C., Aug. 20, 2012 /PRNewswire/ --
- LORD Corporation has signed an agreement to acquire MicroStrain, Inc.
- MicroStrain develops and supplies sensing solutions to the aerospace, defense, agriculture and construction, energy, and consumer electronics markets.
- MicroStrain will continue to operate out of its Williston, Vt. location as MicroStrain, a LORD Company.
LORD Corporation has announced the signing of an agreement for the acquisition of MicroStrain, Inc. for an undisclosed amount. A privately-held company located in Williston, Vt., MicroStrain develops and supplies sensing solutions to the aerospace, defense, agriculture and construction, energy and consumer electronics markets. Most recently, MicroStrain has been involved in programs to flight test a range of energy harvesting and wireless devices embedded in helicopter rotor head key components, as well as vibration measurement devices on platforms such as the UH-60.
"The acquisition by LORD positions MicroStrain technology for faster commercialization in current MicroStrain as well as targeted LORD markets," said Rick McNeel, chairman, president and CEO of LORD. "Additionally, this allows LORD to leverage the cutting-edge technologies and the know-how of MicroStrain's employees for further expansion into new markets and regions. We are excited about the potential of this acquisition and the growth opportunities it brings."
"Our organizations are well aligned, both from a strategic and cultural perspective, and we are excited to have access to the broad range of scientific, engineering, and marketing expertise that has made LORD successful for more than 85 years," said Steve Arms, founder and CEO of MicroStrain. "The marriage of the LORD vibration and motion control products with the MicroStrain sensor system will enable the next generation of smarter machines, aircraft and industrial processes."
The LORD and MicroStrain teams will be working over the next month to complete actions to finalize closing. Once closed, the business will continue to operate out of their current location in Williston as MicroStrain, a LORD Company, while retaining its current 50+ employee workforce.
MicroStrain is a Vermont business which specializes in combining micro-sensors with embedded processors to autonomously track operational usage and to navigate and control unmanned systems. For more information, visit www.microstrain.com.
About LORD Corporation:
With global reach and extensive technical capabilities, LORD has the ability to work on complex formulations, balancing contradictory property and process requirements to deliver the solutions that meet customer and market demands. LORD builds on its more than 85 year history with a track record of successful long-term partnerships with technology leaders in industries ranging from aerospace to automotive, electronics to industrial heavy equipment.
Founded in 1924, LORD Corporation is a privately-held company that designs, manufactures and markets mechanical devices and electromechanical systems to control vibration, motion and noise; formulates, produces and sells general purpose and specialty adhesives, coatings and electronic materials; and develops products and systems utilizing magnetically responsive technologies. With global headquarters in Cary, N.C., and sales in excess of $789MM, LORD has manufacturing facilities in eight countries and more than 90 sales and support centers. LORD Corporation employs more than 2,800 worldwide. Visit www.lord.com for more information.
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SOURCE LORD Corporation