ST. LOUIS -- LMI Aerospace Inc., a provider of design engineering services, structural assemblies, kits and components to the aerospace, defense and technology industries, announces it has acquired Everett, WA-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.
"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 CEO of LMI. "Our Mukilteo-based CTCE group (Composite Technology Center of Excellence) in our D3 Engineering Services operation and our Auburn, WA, sheet metal and assembly plant from our Aerostructures division will actively collaborate with Intec to offer more advanced products, as well as introduce advanced lean manufacturing concepts into the Intec manufacturing business. Intec's senior management group is expected to play a large part in assisting LMI in developing and acquiring added composite manufacturing capability, which we believe will occur over the next six months."
In addition to the acquisition of Intec, LMI has reviewed its organizational structure and has effected changes to prepare for more efficient operations during these uncertain economic times. LMI will issue a news release on Tuesday, Jan. 27, 2009, describing the organizational changes and 2008 fourth quarter revenue, which was affected by the Boeing strike and customer destocking programs that occurred in the quarter. In addition, LMI has reviewed its 2009 guidance and will update expectations for 2009 revenue, operating margins, and cash flow based on current production rates and the backlog of orders from customers. It should be noted that booked backlog for the Aerostructures division as of Dec. 31, 2008, was $250 million.
LMI will hold a conference call on Wednesday, Jan. 28, 2009, at 9:00 a.m. CST. To participate in the conference call, dial (800) 776-0816 approximately five minutes before the scheduled time of the call. The conference call will be hosted by Ronald S. Saks, President and Chief Executive Officer; Lawrence E. Dickinson, Chief Financial Officer; and Ryan Bogan, President, D3 Technologies.
A live webcast of the conference call can be accessed on the LMI website by going to ir.lmiaerospace.com/events.cfm and clicking on the appropriate link.
