RALEIGH – Recent reports suggest that LORD Corporation could be up for sale. However, the company’s spokesperson declined to confirm or deny the rumors.
“As a general policy, we don’t respond to rumors and speculation,” LORD Corporation’s chief communications officer Melissa Buscher told WRAL TechWire today. “Our focus remains on our strategy and growth goals and innovating together with our customers for their success.”
The comments come after a Bloomberg News reported that the Cary-based adhesive and coatings manufacturer is exploring a sale that could be worth as much as $3 billion.
Citing an unnamed source, the report said the company is working with an adviser to run an auction process. Privately held, LORD has some 3,000 employees spread across its global operations.
The report comes on the heels of the company achieving a significant milestone last year, securing $1 billion in sales. And just last week, LORD broke ground on a new $15.4 million expansion project at its Hückelhoven, Germany facility.
By all accounts, LORD is one of the Triangle’s most unknown and biggest success stories. But according to its president and CEO, Ed Auslander, that’s the way the company likes it.
“We somewhat purposefully try to keep a low profile,” he told WRAL TechWire at the time. “Our scope is global; we act globally. We don’t do a lot of manufacturing here. I’d venture to say that we really try to focus on our customers more than ourselves.”