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3 Lear Siegler Units Sold to BFM Aerospace

October 17, 1987|CARLA LAZZARESCHI | Times Staff Writer

Forstmann Little & Co., which bought the Santa Monica-based Lear Siegler conglomerate earlier this year, said Friday that it has sold three of Lear's remaining aerospace companies, including two in Orange County, to BFM Aerospace Corp. of Santa Ana for $97 million.

With the latest sales, Forstmann Little has divested itself of all but two units of Lear's one-time sprawling aerospace empire: Management Services Corp. in Oklahoma City and Power Equipment Corp. in Maple Heights, Ohio.

The latest deals give BFM Aerospace Lear Siegler Energy Products Corp. and Lear Siegler Transport Dynamics Corp., both of Santa Ana, and Lear Siegler Romec Corp. of Elyria, Ohio.

BFM Aerospace, which includes several former Lear Siegler executives, was formed specifically to purchase the three Lear Siegler units. Other BFM partners include managers of the three Lear Siegler units; Raebarn Corp., a Los Angeles leveraged buyout company, and Acadia Partners, L.P., a Fort Worth merchant banking partnership whose investors include the Robert M. Bass Group.

William Chomko, BFM's vice president of finance, said the group has no plans to lay off workers at either the Santa Ana or Ohio plants. The energy products group in Santa Ana produces aircraft valve and control systems. The transport group makes specialty aircraft bearings and ground support systems. Romec manufactures aircraft pressure and fluid handling systems.

Forstmann Little & Co. bought Lear Siegler Inc. for $2.1 billion and has been gradually disposing of its operating units. Forstmann officials have said they intend to sell virtually everything but Lear's automotive-related divisions.

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