Shares of LMI Aerospace (LMIA) lost almost 10% of their value over the past trading week. On Thursday, the engineering and aerospace company announced the acquisition of Valeant Aerostructures in a deal valuing the company at $246 million.
The Deal
LMI Aerospace announced that it will acquire Kansas City based Valeant Aerostructures for $237 million. The company will furthermore assume $9.7 million in certain obligations of the company.
Valeant is a leading provider of structural components and major sub-assemblies for key aerospace and defense companies. The company is a supplier of Boeing (BA) as the company supplies for the 737, 747-8, 777, and 787 series. Valeant furthermore is a supplier for the Gulfstream G650. CEO Ronald S. Saks commented on the deal:
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