• E-mail
• Print
• Comment
• Font Size
• Digg
• del.icio.us
• Discuss article

Engineered Support Systems Will Be Acquired By DRS Technologies

Posted on: Friday, 23 September 2005, 00:00 CDT

Sep. 22--Engineered Support Systems Inc. of Cool Valley today said it would be acquired by DRS Technologies of Parsippany, N.J., for $1.97 billion.

Mark S. Newman, chairman, president and chief executive of DRS Technologies, said the deal would make the firm a leading provider of defense electronics products. Engineered Support would become the third operating group of DRS, focused on support and services.

Gerald A. Potthoff, vice chairman and chief executive of Engineered Support, said the deal will "bolster the combined company's ability to accomplish its mission to support the military's near-term force modernization and emerging transformation initiatives."

Under terms of the acquisition, each share of Engineered Support common stock will be converted into $30.10 in cash and a portion of a share of DRS common stock valued at $12.90. The transaction is expected to close before the end of the DRS fiscal year.

-----

To see more of the St. Louis Post-Dispatch, or to subscribe to the newspaper, go to http://www.stltoday.com.

Copyright (c) 2005, St. Louis Post-Dispatch

Distributed by Knight Ridder/Tribune Business News.

For information on republishing this content, contact us at (800) 661-2511 (U.S.), (213) 237-4914 (worldwide), fax (213) 237-6515, or e-mail reprints@krtinfo.com.

EASI, DRS,

Source: St. Louis Post-Dispatch

More News in this Category