CARY, N.C., Aug. 21 (UPI) -- The Lord Corp., a U.S. manufacturer and marketer of electro-mechanical systems, is expanding its sensor solution portfolio.
The company announced Monday it has signed an agreement to acquire MicroStrain Inc., a Vermont company that specializes in combining micro-sensors with embedded processors to autonomously track operational usage and to navigate and control unmanned systems.
"The acquisition by Lord positions MicroStrain technology for faster commercialization in current MicroStrain as well as targeted Lord markets," said Rick McNeel, chairman, president and chief executive officer of Lord.
"Additionally, this allows Lord to leverage the cutting-edge technologies and the know-how of MicroStrain's employees for further expansion into new markets and regions. We are excited about the potential of this acquisition and the growth opportunities it brings."
Financial terms of the takeover weren't disclosed but Lord said MicroStrain would continue to operate from its location in Vermont once the deal is completed.
MicroStrain, like Lord, is a privately owned enterprise and has been involved recently in programs to flight test a variety of energy harvesting and wireless devices embedded in helicopter rotor head key components.
"Our organizations are well-aligned, both from a strategic and cultural perspective and we are excited to have access to the broad range of scientific, engineering and marketing expertise that has made Lord successful for more than 85 years," said Steve Arms, MicroStrain's founder and chief executive officer.
"The marriage of the Lord vibration and motion control products with the MicroStrain sensor system will enable the next generation of smarter machines, aircraft and industrial processes."
|Additional Security Industry Stories|
BUENOS AIRES, May 21 (UPI) --To the joy of neighboring rivals, Argentina's beef exports are dwindling and traders blame government policies.
MUSCAT, Oman, May 21 (UPI) --The Persian Gulf sultanate of Oman is set to buy a $2.1 billion missile system built by the U.S. Raytheon Co. as part of a U.S. drive to install a coordinated air-defense system linking the region's Arab monarchies to counter Iran.