LMI Aerospace Acquires Integrated Technologies
January 28, 2009
ST. LOUIS-LMI Aerospace Inc., provider of design engineering services, structural assemblies, kits and components to the aerospace, defense and technology industries, has acquired Everett, Washington-based Integrated Technologies Inc. (Intec), a provider of advanced materials testing, manufacturing and design services to the aerospace, defense and transportation industries. Intec’s primary business is designed to support composite testing, manufacturing and research by analyzing new and existing materials, including organic matrix composites, ceramics, metal matrix composites and metal.
In 2008, sales of Intec increased to $7 million, and projected sales in 2009 are in the $8 million to $9 million range. The acquisition is expected to be accretive to LMI earnings in 2009.
"LMI has been committed to providing composite material products to our customers. We believe the acquisition of Intec, together with other initiatives we are taking to provide significant composite assembly and component production, will allow us to broaden our customer offerings and to use our skilled workforce in both our Aerostructures and Engineering Services divisions to transition to production of non-metallic products," says Ronald S. Saks, president and chief executive officer of LMI.