Lord Corporation’s Stellar Technology acquisition will bring into the fold Stellar’s expertise and specialization in sensing technologies.

But the acquisition agreement wasn’t done strictly for the technology. Stellar does bring technological capabilities that Lord doesn’t have, Andy Winzenz, Lord sensing systems general manager told WRALTechWire. But more than new technology Stellar gives Cary-based Lord opportunities to grow faster in key markets.

“It’s not specifically acquiring technology,” Winzenz said. “It’s looking at markets and where we want to grow and finding a partner that fits that.”

Lord announced the Stellar acquisition plans on Tuesday but did not disclose any financial terms between the two private companies. Winzenz said that overall, Lord is looking for ways to complement its existing business. That strategy includes both organic growth and acquisitions – with the right partners.

A diversified technology and manufacturing company, Lord already has sensing technologies of its own. Compared to Stellar, Lord has a deeper relationships with certain key original equipment manufacturers but Winzenz said that the pairing of the two companies is complementary.

Lord and Stellar share some customers, such as Deere & Company, though Winzenz said that each companies supplies a different part of the agricultural machinery manufacturer. Stellar brings to the table strong relationships with companies in the aerospace, such as SpaceX, as well as manufacturers serving the oil and gas industry. Winzenz said growing that business organically would take Lord time and money. Leveraging Stellar’s connections in those sectors will allow Lord to grow faster.

“It’s looking at where both companies are being successful and leveraging those relationships with new technologies and new capabilities,” he said.

Lord is a global company with more than 2,900 employees. The company has 15 manufacturing facilities and nine R&D centers worldwide. Those sites helped Lord generate more than $860 million in 2012 revenue.

Winzenz said Lord plans to add resources throughout the year to grow Stellar. Stellar had already planned for an additional facility at its Amherst, N.Y. headquarters that would add 25,000 square feet of manufacturing space. Winzenz said Lord will continue with those plans but beyond that, Lord has no immediate plans to expand other facilities.

When the deal closes, Stellar will continue to operate from its existing facilities and will retain its current workforce. But Winzenz added that Stellar’s footprint brings to Lord facilities and geographic reach that it did not previously have. For example, Stellar’s Houston sales office will play a key role in Lord’s plans to expand into the oil and gas industries.