Lord Corporation said Tuesday it plans to acquire the assets of Stellar Technology, a deal the company said will allow for expansion into new markets, particularly oil and gas.
Stellar designs and manufactures custom sensing solutions for the oil and gas, aerospace and industrial markets.Cary-based Lord is a diversified technology and manufacturing company developing adhesives, coatings, motion management devices, and sensing technologies.
No financial terms of the deal between the two privately-held companies were disclosed. But Lord said Stellar’s pressure, load, force, torque, displacement and temperature products complement Lord’s existing capabilities in sensing systems and motion control technologies.
“Stellar Technology will provide our customers additional value in the form of industry and application expertise and a proven history in providing solutions for critical sensing applications,” Lord President and CEO Ed Auslander said in a statement. “Both companies will benefit by gaining increased access to critical markets in the U.S. and internationally. We are excited about this acquisition and the growth opportunities it brings.”
HighBank Advisors served as the exclusive financial advisor to LORD on the acquisition. The LORD and Stellar Technology teams will be working over the next month to complete actions to close the acquisition. Lord said that when the deal closes,
Stellar Technology will continue to operate out of its current locations while retaining its current workforce.
Lord said that its 2012 revenue exceeded $860 million.
The company has 2,900 employees in 25 countries and operates 15 manufacturing facilities and nine R&D centers worldwide.