Belgian aerostructures company Sonaca Group has signed a merger agreement to purchase US’ LMI Aerospace for $191m. 

As part of the all-cash deal, LMI shareholders will receive $14 for each share, and operate as a member of Sonaca Group.

Sonaca has also acquired debt and equity financing commitments to complete the newly signed deal, which is expected to close later this year.

However, the deal is subject to LMI shareholder approval, certain regulatory approvals and other customary closing conditions.

“The addition of LMI Aerospace to the Sonaca Group supports our vision to expand our capabilities in the US."

Once closed, LMI Aerospace CEO Dan Korte will continue to remain in the position, with other members of the LMI senior leadership team remaining to serve in their current positions.

LMI Aerospace CEO Dan Korte said: “This deal brings our combined company to the forefront as a leader in the design and manufacture of complex aerostructures while working to diversify our global customer base.

“In addition, LMI and Sonaca have complementary product portfolios while largely serving different aerospace primes and Tier 1 suppliers around the world, enabling us to better serve our customers.”

With 21 locations across the US, Mexico, the UK and Sri Lanka, the company currently provides structural assemblies, kits and components, as well as engineering services to the commercial, business and regional and other aerospace markets.

Sonaca Group CEO Bernard Delvaux said: “The addition of LMI Aerospace to the Sonaca Group supports our vision to expand our capabilities in the US.

“Sonaca and LMI have both distinguished themselves in the industry through capabilities such as wing movables, wing panels, complex fuselage and structural assemblies, and together we will be able to strengthen our competitive advantage in the global aerospace market.”

The company currently operates production facilities in China, Romania, Canada and Brazil.