BAE SYSTEMS2004-07-08 19:55:35
BAE SYSTEMS TO PURCHASE PRACTICAL IMAGINEERING, INC.
BAE Systems North America today reached a definitive agreement with Practical Imagineering, Inc., (PI) to purchase all of the stock of the company for $8.3 million in cash.
PI, a privately held company based in Reston, Va., focuses on signal processing systems and software development.
The 10-year-old company employs more than 30 engineers and scientists.
Galen Ho, president of BAE Systems Information & Electronic Systems Integration Sector, said, "We're excited that PI will be joining BAE Systems. Their strength in analysis and processing research and high-quality technical work force align well with BAE Systems' growth strategy in information operations.�
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 today reached a definitive agreement with Practical Imagineering, Inc., (PI) to purchase all of the stock of the company for $8.3 million in cash.
PI, a privately held company based in Reston, Va., focuses on signal processing systems and software development.
The 10-year-old company employs more than 30 engineers and scientists.
Galen Ho, president of BAE Systems Information & Electronic Systems Integration Sector, said, "We're excited that PI will be joining BAE Systems. Their strength in analysis and processing research and high-quality technical work force align well with BAE Systems' growth strategy in information operations.�
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