NEWS
press release
LAI acquires Rich Technology International
SCOTTSDALE, Ariz., July 26, 2007 — LAI International, Inc., announced it has acquired Rich Technology International, a leading precision contract manufacturer in New England.
LAI, a worldwide supplier of precision components and subassemblies for original equipment manufacturers, completed the acquisition this month, creating a combined company of 240 employees with projected 2007 revenues of more than $46 million. RTI specializes in high-speed CNC machining, five-axis CO2 laser processing, and electrical discharge machining, including wire, plunge and hole-drilling EDM processing. The company also offers five-axis grinding, welding, conventional machining and certified gage calibration. The acquisition offers the company growth potential in aerospace, medical device and power generation markets.
“In combining LAI and Rich, we have created a world-class contract manufacturing company with the best people in the business, the capabilities our customers need and a vision for growth,” Stewart Cramer, president of LAI, said. “We are very excited about our future.”
In recent years, Rich has successfully transformed itself from a mainstream tool and die machine shop to an advanced contract manufacturing company serving customers worldwide, Allen Estes, president of Rich, said. “Combining forces with LAI now presents even more growth opportunities and access to new markets,” Estes said.
Rich was formed in 1961 as Rich Tool & Die and employs 130 employees in Scarborough, Maine, located south of Portland. The company is known for producing turbine nozzles and blades that General Electric uses in power generation plants around the world. In addition to Rich, LAI operates four other manufacturing facilities, including LAI East, Westminster, Md.; LAI Midwest, Minneapolis, Minn.; LAI Southwest, Phoenix, Ariz.; and Southwestern Laser, Tucson, Ariz. All five fabrication facilities are ISO 9001:2000 and AS9100 certified.
The company also offers NADCAP certified non-conventional machining and welding processes. LAI manufactures precision components and subassemblies for aerospace, armor, automotive, defense, electronics, medical device and power generation companies. LAI is known for its experience in supply chain management of complex manufacturing processes and its technical expertise in advanced waterjet cutting, drilling and five-axis machining, as well as CO2 and Nd:YAG laser processing, including laser cutting, drilling, welding, heat-treating and five-axis machining. Additional capabilities include sheet metal fabrication, tool design and air-flow inspection.
About LAI International
LAI is an approved supplier for large potential growth manufacturing programs, including projects in green power plant technology, aircraft parts and sub-assemblies, and defense components. Revenues are forecast to reach $58 million in 2008, with an employment base projected at 350 by the end of the year.
LAI continues to execute its strategy of expanding its capabilities by taking on more of its customers' supply chain. LAI's acquisition in 2007 of RTI, Scarborough, Maine, expands its capabilities in manufacturing power generation and rotating equipment. In addition, LAI operates four other manufacturing facilities, dispersed in key manufacturing regions across North America, with locations in Minneapolis, Phoenix, Tucson and Westminster, Md.
LAI is known for its experience in supply chain management of complex manufacturing processes and its technical expertise in advanced waterjet cutting, drilling and five-axis machining, as well as precision laser processing, including laser cutting, drilling, welding, heat-treating and five-axis machining. The company also offers high-speed CNC machining, electrical discharge machining, including wire, plunge and hole-drilling EDM processing, five-axis grinding, welding, conventional machining and certified gage calibration. Additional capabilities include sheet metal fabrication, tool design and air-flow inspection.
LAI was acquired in 2005 by Spell Capital Partners, LLC, Minneapolis, Minn. Its corporate headquarters are located in Scottsdale, Ariz.
For more information, see LAIco.com.
Quick Facts: LAI International, Inc.
Founded: 1979
Mfg. facilities: Phoenix, Tucson, Minneapolis, Westminster, Md., and Scarborough, Maine
Headquarters: Scottsdale, Ariz.
