Sonaca to take over the American company LMI Aerospace
Sonaca, the manufacturer of aircraft components based in Gosselies in the Walloon district of Charleroi, is to take over its American counterpart LMI Aerospace at a cost of 432 million USD. This was announced by the CEO, Bernard Delvaux, on Friday 17 February. The takeover will give Sonaca access to the American market, and in particular to Boeing.
For the Chairman of the Board at Sonaca, Pierre Sonveaux, the takeover of LMI Aerospace must continue to boost employment and generate new sales markets. 20 years ago Sonaca employed a staff of 900, but meanwhile this has increased to 1,650. The two companies are clearly complementary when it comes to engineering and production.
Negotiations began several months ago and eventually led to an agreement between the two boards. Directors of LMI Aerospace, which is listed on the American technology stock market Nasdaq, issued positive advice to its shareholders. It is expected that the American regulatory authorities will approve the share transaction by May-June. Sonaca's CEO considers that a higher bid may be placed, but is unlikely. The current directors will stay on board and LMI will retain its name, although it will become a subsidiary of Sonaca entirely.
LMI Aerospace has its headquarters in Saint Louis (Missouri) and employs around 2,000 people. The company has an annual turnover of 375 million dollars and has 21 sites, 18 of which are on the American continent.