LMI Aerospace purchases components manufacturer
LMI Aerospace Inc. (Nasdaq:LMIA), which has an operation in Savannah, announced Thursday it has agreed to acquire Valent Aerostructures LLC for about $237 million, plus about $9.7 million in retained obligations.
LMI is a leading supplier of structural assemblies, kits and components and provides design engineering services to the aerospace and defense industries.
Valent, headquartered in Kansas City, provides complex, structural components, major sub-assemblies and machined parts for airframe manufacturers in the aerospace and defense industries. The company provides significant content for several major commercial, business jet and military platforms, including the Gulfstream G650 and several Boeing airplanes.
LMI is expected to generate more than $480 million in revenue based on projected 2013 results of the combined companies.
Children’s shelter receives grant
Park Place Outreach–Youth Emergency Shelter, a temporary shelter and outreach service that serves young people from Savannah and the surrounding area, has received a $10,000 grant from the Bank of America Charitable Foundation.
Executive director Linda Hilts said the shelter will use the grant to cover operational costs.
The shelter’s services are in “great demand,” she said, and the grant “will enable us to serve a greater number of at-risk youth in the area.”
Since it opened in 1984, Park Place Outreach has served more than 6,000 troubled children and teens.
General Dynamics board declares quarterly dividend
FALLS CHURCH, Va. — The board of directors of General Dynamics (NYSE: GD), the parent company of Savannah-based Gulfstream Aerospace Corp., on Thursday declared a regular quarterly dividend of 51 cents per share on the company’s common stock, payable Dec. 26 to shareholders of record at the close of business Dec. 18.
The company is acceler-ating its dividend payment in advance of possible tax increases in 2013.
General Dynamics, headquartered in Falls Church, Va., employs about 93,700 people worldwide.
More information is available at www.gd.com.
Oglethorpe Mall to host free
Elf Academy
Oglethorpe Mall will host the Elf Academy, a special holiday event from 11 a.m. to 1 p.m. Saturday.
Children of active-duty military parents are welcome to participate in a variety of take-home crafts, special giveaways and face painting.
The event is free and will be in the Macy’s courtyard.
