Privately held high-tech firm Lord Corp. is expanding its geographic footprint and product lines by acquiring Vermont-based MicroStrain.
Financial terms were not disclosed. The deal was announced Monday.
Both companies are privately held.
With the deal, Lord gains sensor solutions that MicroStrain sells to aerospace, defense, energy and other clients. MicroStrain will operate as a Lord company and remain based in Vermont. Its some 50 employees will join Lord, the companies said.
Recent projects for MicroStrain includes wireless sensors in helicopters such as the UH-60. Lord currently is involved in development of a potential next-generation helicopter for the U.S. military.
“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,” said Steve Arms, the founder and chief executive officer of MicroStrain.
Lord, a $789 million company with more than 2,800 employees worldwide, provides a variety of electro-mechanical systems, coatings and other products.
“The acquisition by LORD positions MicroStrain technology for faster commercialization in current MicroStrain as well as targeted LORD markets,” said Rick McNeel, chairman, and chief executive officer 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.”
The deal is expected to close within the next 30 days.
