CARY, N.C. (Aug. 21, 2012)—Lord Corp. has agreed to purchase MicroStrain Inc., which develops and supplies sensing solutions to a variety of markets. Terms of the deal weren't disclosed.
MicroStrain specializes in combining micro-sensors with embedded processors to track operational usage and to navigate and control unmanned systems, according to the companies. It serves the aerospace, defense, agriculture and construction, energy and consumer electronics markets.
The deal will allow for faster commercialization in current MicroStrain sectors as well as targeted Lord markets, according to Rick McNeel, Lord chairman, president and CEO. “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,” he said.
MicroStrain founder and CEO Steve Arms said his company will now have access to Lord's range of scientific, engineering and marketing expertise. “The marriage of the Lord vibration and motion control products with the MicroStrain sensor system will enable to next generation of smarter machines, aircraft and industrial processes,” he said.
Cary-based Lord said the two companies will work over the next month to finalize the acquisition. The new business then will be known as “MicroStrain, a Lord Company” and will continue to operate out of its current location in Williston, Vt., and keep its staff of more than 50 employees.