Sonaca and LMI Aerospace have decided to join forces with Sonaca launching a public offer for 100% of the outstanding shares of LMI Aerospace for a consideration of USD 14 per share in cash.
This Thursday, February 16, after several months of negotiations, both Boards of Sonaca and LMI Aerospace approved the proposed transaction. The transaction should be completed by June 2017 pending approval by the shareholders of LMI Aerospace and relevant regulatory approvals. The acquisition is a direct consequence of the Sonaca strategy to expand in the USA.
LMI Aerospace, headquartered in Saint-Louis, Missouri, employs about 2000 employees. The company had revenues of USD 375 mln in 2015 and has operations at 21 sites (including engineering offices) across the USA, Mexico, the UK, and Sri Lanka. LMI Aerospace specializes in the design and production of aerostructure assemblies and complex parts (fuselage panels, slats, crew floors,..).
Upon completion of the proposed transaction, LMI Aerostructures will be integrated in the Sonaca group as an autonomous subsidiary, with the decision center for the Sonaca Group remaining in Gosselies. As the activities of the group are very complementary, important commercial and operational synergies will be realized, allowing us to serve our customers even better.
Our USA customer portfolio and reach will be much strengthened thanks to the privileged customer relations LMI Aerospace enjoys with Sprit, Boeing, and Gulfstream. At the same time, the large dependency of the Sonaca Group on the Euro-Dollar exchange rate will be strongly reduced.
The additional scale and scope of activities from this acquisition strengthen our market position therewith supporting employment in Belgium. The senior management team of LMI Aerospace will remain responsible to manage the activities in the USA. This acquisition establishes the Sonaca Group as a leading player in the global Aerostructures market.