Langley Corp. May Have a New Master

Fleet Aerospace expects to gain control of San Diego-based Langley Corp., most likely through a tender offer or a merger, according to Langley Chairman M.G. Bildsoe.

Langley hopes to enjoy a “long-term relationship” with Fleet Aerospace, the Canadian company that now controls 36% of the San Diego-based aerospace manufacturer’s outstanding common shares, Bildsoe said Wednesday.

The St. Catherine, Ont.-based aerospace company last week accumulated 21% of Langley Corp.’s common stock. Early this week, it boosted its holdings to 36% of Langley’s outstanding common shares.

“We haven’t received the formal (Securities & Exchange Commission) filing but that (36% figure) is what Fleet has told us in conversation,” a company spokesman said Wednesday.

Fleet plans to retain Langley’s present management team and expects to expand Langley’s aerospace-related businesses. The company has 125 employees in San Diego.