Fleet Aerospace Nearing Control of Langley Corp.

Fleet Aerospace Corp. of Canada has acquired 49.9% of outstanding Langley Corp. shares and seeks to take control of the electronics enclosure manufacturer’s board, Fleet disclosed in a 13-D filing Monday with the Securities and Exchange Commission.

Fleet had previously disclosed its intention of acquiring a majority interest in Langley, an objective that had received the blessing of Langley’s board of directors.

To date, Fleet has not proposed tendering an offer for any or all outstanding shares. Fleet has also said it will retain current management, including President M.G. Bildsoe, 64.

According to the filing, Fleet’s most recent stock acquisition of 50,000 Langley shares on Aug. 21 brought its total holdings to 675,000 shares, or 49.9%.

The company has also proposed that five members of Langley’s nine-member board be replaced with directors of Fleet’s choosing. The new board members proposed by Fleet are retired Navy Adm. Elmo Zumwalt, John M. Marsh, Ruggles Crysdale, Gerald Soloway and Fleet Chief Executive George Dragone.

In an interview Tuesday, Bildsoe said Langley had not yet decided which five board directors would be asked to resign to make room for the five put forward by Fleet.

Founded in 1937, Langley sells 90% of its metal cabinets and enclosures to companies supplying the Navy.