SOCOMORE announces the signature of an agreement to acquire 75% of FLAMEMASTER Corporation, the last independent supplier of aeronautical sealants, for fuselage, fuel tank, access door and windshield applications.
In line with its strategic ambition, SOCOMORE is strengthening its portfolio of "Flyable" products for the civil and military OEM industry in North America, as well as for the military MRO market.
With the acquisition of FLAMEMASTER, Socomore is now in a position to offer a broader range of solutions to the European market, with sealants that complement its existing ranges:
- Surface preparation, protection and treatment,
- Non-destructive testing,
- Traceability of materials and solutions.
This merger will allow Flamemaster to develop new growth in Europe and Asia, thanks to the synergies it will generate.
The 2 companies are already working together since September 2019 when they signed a JDA (Joint Development Agreement) for the development of innovative, REACH, and HSE compliant products. This JDA was accompanied by a gradual increase in capital (27% in early 2023) to reach 75% in July. This collaboration continues with the development of industrial capacity (mixing, packaging, quality control) at the SOCOMORE plant in Elven, Brittany.
With this acquisition, SOCOMORE now has 400 employees (including 40 FLAMEMASTER staff) and will achieve sales of around €100 million by 2023, of which 50% in Europe, 40% in North America and 10% in the rest of the world.
Frédéric LESCURE, CEO SOCOMORE: "I'm delighted to announce this latest capital increase and the acquisition of a majority stake in Flamemaster, our partner for over 5 years. This future acquisition will contribute to synergies in product development, sales and manufacturing in both North America and Europe. I look forward to welcoming the men and women of FLAMEMASTER, a long-established and highly regarded company in the US defense market, into our Group. FLAMEMASTER is SOCOMORE Group's 14th acquisition, and the 8th in North America. It will contribute to SOCOMORE Group's overall growth. It is perfectly in line with our Strategic Ambition and our Raison d'être."
Josh MAZIN, CEO FLAMEMASTER: "After 39 years under the management of my father Joseph, I took over the management of the company 18 months ago, and for some time we had been looking for a strategic partner to continue our technical and commercial development. We've known Frédéric LESCURE for 8 years, and he's an entrepreneur at the head of his family group, with whom we share common values. We're delighted to be joining SOCOMORE, a dynamic and innovative group, to continue the adventure of aeronautical sealants."
About FLAMEMASTER - www.flamemaster.com
Flamemaster is a long-standing supplier of sealants for the aerospace industry in North America, and will be celebrating its 82nd anniversary this year. A strategic supplier for US customers such as Lockheed Martin and the Department of Defence. Flamemaster is ISO 9001, EN 9100 and NADCAP certified.
Contact presse : Josh MAZIN - (+1 818) 890-1401- firstname.lastname@example.org