(Bloomberg) -- Lord Corp. is exploring a sale that could value the closely held adhesives and coatings manufacturer at as much $3 billion, people with knowledge of the matter said.
The company is working with an adviser to run an auction process, said the people, who asked not to be identified because they weren't authorized to speak publicly. The company, which said it reached $1 billion in sales in 2018, is likely to attract interest from peers in Europe and the U.S., the people said.
A representative for Lord, based in Cary, North Carolina, didn't immediately respond to requests for comment.
Lord's products include adhesives and coatings used in manufacturing and construction, as well as magneto-rheological (MR) fluids, which can switch from liquids to semi-solids and are used in applications such as brakes, according to its website. The company, whose products also have aerospace and renewable energy applications, owns brands including Aeroglaze, Fusor and Versilok.
The company, started in 1924 by patent attorney Hugh Lord, operates in more than 20 countries. In October, it opened a $12 million manufacturing facility in Pont de l'Isère in France.
To contact the reporter on this story: Kiel Porter in New York at kporter17@bloomberg.net
To contact the editors responsible for this story: Elizabeth Fournier at efournier5@bloomberg.net, Michael Hytha, Matthew Monks
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