BAE SYSTEMS2003-02-18 08:42:47
BAE SYSTEMS TO PURCHASE ADVANCED POWER TECHNOLOGIES, INC
BAE SYSTEMS North America has reached a definitive agreement with Advanced Power Technologies, Inc. (APTI), to purchase the corporation for $27 million in cash.
APTI, a private company with headquarters in Washington, D.C., focuses on intelligence, surveillance, reconnaissance exploitation and information processing for defence, civil and commercial uses. APTI's core competencies include radio frequency (RF) and optical engineering, communications and networking, signal and data exploitation and knowledge creation.
Other disciplines include microwave engineering; antenna design and development; optical sensors, plasma and shock physics; advanced ordnance systems; non-destructive testing; signal and image processing; and digital control systems, including industrial-based process controls.
The 17-year-old company also has facilities in Virginia, Maryland and Alaska. APTI employs more than 100 people and had 2002 revenues of approximately $26 million.
Mark Ronald, president and chief executive officer, BAE SYSTEMS North America said, "APTI's demonstrated performance, growth and high quality technical workforce align well with BAE SYSTEMS growth strategy in network centric warfare and information operations. APTI's strengths and core competencies are important elements within the Command, Control, Communications, Computers, Intelligence, Surveillance and Reconnaissance (C4ISR) market.�
Closing of the transaction is expected to occur within 45 days and is subject to completion of certain regulatory reviews and approvals.
BAE SYSTEMS North America has reached a definitive agreement with Advanced Power Technologies, Inc. (APTI), to purchase the corporation for $27 million in cash.
APTI, a private company with headquarters in Washington, D.C., focuses on intelligence, surveillance, reconnaissance exploitation and information processing for defence, civil and commercial uses. APTI's core competencies include radio frequency (RF) and optical engineering, communications and networking, signal and data exploitation and knowledge creation.
Other disciplines include microwave engineering; antenna design and development; optical sensors, plasma and shock physics; advanced ordnance systems; non-destructive testing; signal and image processing; and digital control systems, including industrial-based process controls.
The 17-year-old company also has facilities in Virginia, Maryland and Alaska. APTI employs more than 100 people and had 2002 revenues of approximately $26 million.
Mark Ronald, president and chief executive officer, BAE SYSTEMS North America said, "APTI's demonstrated performance, growth and high quality technical workforce align well with BAE SYSTEMS growth strategy in network centric warfare and information operations. APTI's strengths and core competencies are important elements within the Command, Control, Communications, Computers, Intelligence, Surveillance and Reconnaissance (C4ISR) market.�
Closing of the transaction is expected to occur within 45 days and is subject to completion of certain regulatory reviews and approvals.
For more information contact:
Warwick House
Po Box 87
Farnborough Aerospace Centre
Farnborough
Hampshire
GU14 6YU
United Kingdom
Tel: + 44 1252 373232
Fax: + 44 1252 383000