Fives acquires aerospace engineering firm
- September 15, 2015
Fives has acquited Lund Engineering, a Seattle, OR, business that designs and builds electro mechanical equipment for composite aerospace structures and components. The acquisition expands Fives' offerings in the aerospace industry.
The company currently employs 64 people, including 41 engineers. The company is a preferred partner to big order-makers, notably Boeing, particularly for design and development of new machines and manufacturing processes.
For the last three years Lund Engineering has had an average turnover of around US $30 million. There is major growth potential for the company thanks to the expanding use of composite materials in the aerospace industry, as well as in other sectors such as renewable energy and bio-medical. By joining Fives, Lund Engineering is teaming up with a strong industrial group with global reach and will, in due course, be able to expand its field of business.
With this acquisition, Fives continues to develop its offer of solutions for processing composite materials for the aerospace industry:
- The two companies' equipment ranges are highly complementary: Fives, with its Cincinnati and Forest-Liné brands, already offers machine-tools for composite processing. Lund Engineering chiefly designs machines for their customers’ specific use and application.
- Lund Engineering's expertise also extends to designing and engineering peripheral equipment (forming, bonding, joining, non-destructive testing equipment, etc.) and to integrating process equipment into a complete line, with associated automation.
Frédéric Sanchez, chairman of the Executive Board of Fives, says "Fives continues to expand in the aerospace industry, an area of high added value, acquiring a designer and supplier of advanced technology and innovative equipment. Our aerospace activity will benefit from the technological daring, excellence and dynamism of the Lund Engineering teams, who develop quality equipment and solutions which are highly valued by their customers."
Erik Lund, the current CEO and majority shareholder will continue to manage the company and remain involved in its development through a minority holding in Lund Engineering's capital.