A Celebratory Tone Turns Sour in 2 Years
When French conglomerate Daher completed its acquisition of a Stuart, Florida aerostructures production facility form the former owner, there was a celebratory tone in the July 2022 press release.
Daher has marked a major expansion of its U.S. industrial presence by acquiring the metallic and composite aerostructures assembly facility in Stuart, Florida, reinforcing the company’s position as a Tier 1 supplier for aircraft manufacturers in North America and beyond.
The acquisition announcement was accompanied by a location map of Daher’s other key North American facilities and emphasized how the Stuart plant would complement the company’s other facilities in the U.S., Canada and Mexico.
Fast forward twenty months and the champagne flutes have been replaced with lawsuits with Daher launching a $20 million damages claim against the plant’s former operator, according to an article today in Flight Global.
Daher Alleges Beach of Contract During Due Diligence Phase
Florida Factory Fix Could Take Up to Four Year, Says Daher, Amid Triumph Court Fight is the headline of Murdo Morrison’s well researched article laying out the allegations in the $20 million lawsuit.
Murdo says that Daher is alleging breaches of contract on the seller’s part during the due diligence phase of the transaction which closed in the summer of 2022.
Daher alleges that the Seller broke the terms of the asset purchase agreement on two occasions: once with an issue regarding unpaid invoices and the second time with a dispute over access to employee tracking software.
The Seller is contesting the allegations.
You can read Murdo’s full story published today on Flight Global.