(Cary, N.C. – Feb 18, 2014) – LORD Corporation announced its intentions to acquire the assets of Stellar Technology, Inc. A privately-held company headquartered in Amherst, N.Y., Stellar Technology designs and manufactures custom sensing solutions for the oil and gas, aerospace and industrial markets. Its pressure, load, force, torque, displacement and temperature products are highly complementary to LORD Corporation’s existing capabilities in sensing systems and motion control technologies.
The acquisition by LORD will position both companies for quicker technology commercialization across their respective markets. Additionally, the acquisition will allow LORD to leverage the innovative capabilities and the high value, custom designed solutions of Stellar Technology for further expansion into new markets and regions, with a particular emphasis on oil and gas.
“Stellar Technology will provide our customers additional value in the form of industry and application expertise and a proven history in providing solutions for critical sensing applications,” said Ed Auslander, president and CEO, LORD Corporation. “Both companies will benefit by gaining increased access to critical markets in the U.S. and internationally. We are excited about this acquisition and the growth opportunities it brings.”
“LORD Corporation brings the resources that will help us achieve both our growth objectives and market excellence,” said Bob Haefner, president, Stellar Technology. “Having a common business philosophy to bring innovative solutions and value to our customers’ products and serving similar markets, Stellar will realize immediate growth both in technology and market opportunities.”
HighBank Advisors served as the exclusive financial advisor to LORD Corporation on the acquisition. The LORD and Stellar Technology teams will be working over the next month to complete actions to close the acquisition. Once closed, Stellar Technology will continue to operate out of its current locations while retaining its current employee workforce.
About LORD Corporation
LORD Corporation is a diversified technology and manufacturing company developing highly reliable adhesives, coatings, motion management devices, and sensing technologies that significantly reduce risk and improve product performance. For 90 years, LORD has worked in collaboration with our customers to provide innovative aerospace, defense, automotive and industrial solutions. With world headquarters in Cary, N.C. and 2012 revenues in excess of $860 million, LORD has more than 2,900 employees in 25 countries and operates 15 manufacturing facilities and nine R&D centers worldwide. LORD actively promotes STEM education and many other community engagement initiatives where we work and live. For more information, visit http://www.lord.com.
About Stellar Technology, Inc.
Stellar Technology, Inc, is a leading manufacturer of industrial transducers for pressure, load, force, torque and temperature measurement. The company’s locations include headquarters, engineering and manufacturing in Amherst, N.Y.; a sales and marketing center in Columbus, Ohio; and regional sales offices in Houston, Texas, Salt Lake City, Utah, and Cleveland, Ohio. Launched in 1991 with a focus on the aerospace market, Stellar Technology has expanded its business into multiple market sectors including oil and gas, transportation, general test and measurement, subsea, defense, alternative energy, pharmaceutical, and process industries. For more information, visit http://www.stellartech.com.