With the acquisition of Lund Engineering, Fives is expanding its automation offering for composite parts manufacturing.
Founded in 1995 and based in Seattle, WA, Lund Engineering is an engineering firm known for designing and building electro-mechanical equipment for the manufacturing of composite aerospace structures and components.
The company currently employs 64 people, including 41 engineers. Its technical expertise and the partnership-based approach Lund Engineering adopts with its customers enables Lund Engineering to develop very technologically advanced solutions and systems.
"For the last three years Lund Engineering has had an average turnover of around $30 million. There is major growth potential for the company due 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," said a company spokesperson.
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 its 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.
"With Lund Engineering, 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," said Frédéric Sanchez, Chairman of the Executive Board of Fives.
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.
For more information contact:
Fives
7605 Discovery Lane
Concord, OH 44077
440-709-0748
www.fivesgroup.com