Canadian Firm Says It May Try to Gain Majority in Langley

Fleet Aerospace Co., a St. Catherine, Ont.-based aircraft components manufacturer, has acquired 21% of Langley Corp.’s outstanding shares and may try to gain a majority stake in the San Diego company, according to documents filed recently with the Securities & Exchange Commission.

Fleet officials, who were not available for comment on Friday, have yet to contact Langley about the Canadian company’s intentions, according to a Langley spokesman. “We don’t know much more (about Fleet) than what’s in the SEC filing,” the Langley spokesman said.

During the past three months, Fleet, whose stock is traded on the Toronto Stock Exchange, has acquired just over 21% of Langley’s stock. It may try to obtain “majority ownership and/or control of (Langley),” according to the SEC documents. Fleet manufactures aircraft radar and sonar components, as well as tail fins and engine cowlings.

Langley’s stock closed up $2.375 at $12 in Friday trading. An aerospace and electronics components manufacturer, Langley reported $297,000 in net income and $6 million in revenue for the first six months of its fiscal year ended April 30.