March 14, 2016
The Loar Group Announces Acquisition of Applied Engineering and Xpedition
Xpedition Archery is pleased to announce that we are now a proud member of the Loar Group. On March 14, 2016 transfer of ownership of Applied Engineering and Xpedition was completed.
Xpedition Archery owner and founder Tom Bohnet stated, “I’m extremely proud of what we have accomplished in the relatively short time since Xpedition’s inception into the compound bow market. Our products truly reflect our commitment and drive for performance and excellence. With my retirement approaching I began searching for the best Xpedition partner. After speaking with several suitors, the Loar Group easily emerged as the hands down choice. Much like my other company, Applied Engineering Inc., that was also acquired, Loar Group is heavily entrenched in the aerospace manufacturing discipline. This will allow Xpedition to continue to deliver the best bow on the market by utilizing Applied Engineering’s capabilities as a world class manufacturer of precision machined components.”
Xpedition Archery’s general manager, Devin Bakley added, “With this new partnership, Xpedition will now have the ability to effectively leverage the great manufacturing knowledge, personnel and infrastructure found throughout the entire Loar Group. In turn, this will greatly increase our capacity, capabilities and capital funding for our future growth. We are very excited for what the future holds as we continue to build off the solid foundation and reputation Xpedition has established. I will have the authority to continue to build Xpedition in the same manner as we previously have and that makes me very excited for our future. We will continue to build a great compound bow franchise with the emphasis on high end compound bows.”
Loar representative Roger Sanford, who will be stepping in as Xpedition’s president for the retiring Bohnet, had the following to say, “I was very excited to hear of this acquisition due to my 30 years of bow hunting and love for archery. In review of Xpedition Archery, it is very apparent the existing business philosophy and plan is one that is both sound and successful without the need for restructure or change. I look forward to bridging the business partnerships by bringing Loar’s capital, aerospace knowledge and management skills to further strengthen Xpedition’s presence in the archery market.”
The Loar Group is a diversified manufacturer and supplier with established relationships with leading aerospace and defense OEMs worldwide. Its mandate is to create a strategic global alliance of companies specializing in the design and manufacture of aerospace and defense components. Loar provides its partners and customers with innovative, cost-effective capabilities and responsive, dependable service, leading to profitable and sustainable long-term relationships.
For more information please contact Mr. Dirkson Charles at firstname.lastname@example.org.