LMI Aerospace Inc. (St. Louis) will be acquired by Sonaca Group, an aerostructures company headquartered in Gosselies, Belgium. The deal is expected to close mid-2017, subject to LMI shareholder approval as well as certain regulatory approvals and other customary closing conditions.
Upon transaction close, LMI will operate as LMI Aerospace as a member of the Sonaca Group, with headquarters remaining in St. Louis. Dan Korte will continue to serve as LMI Aerospace CEO and will report directly to Sonaca Group CEO Bernard Delvaux. Other members of the LMI senior leadership team also will remain in place and will continue their current reporting relationships. The company will reportedly continue investing in its current footprint, continuously improving its U.S. and worldwide infrastructure and the capabilities of its teams.
“This deal brings our combined company to the forefront as a leader in the design and manufacture of complex aerostructures while working to diversify our global customer base,” says Dan Korte, LMI Aerospace CEO. “In addition, LMI and Sonaca have complementary product portfolios while largely serving different aerospace primes and Tier 1 suppliers around the world, enabling us to better serve our customers.”
“The addition of LMI Aerospace to the Sonaca Group supports our vision to expand our capabilities in the United States,” says Bernard Delvaux, Sonaca CEO. “Sonaca and LMI have both distinguished themselves in the industry through capabilities such as wing movables, wing panels, complex fuselage and structural assemblies, and together we will be able to strengthen our competitive advantage in the global aerospace market.”
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The US composites industry looks as strong as it has since early 2015, with expectations the highest in years.