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DRS Acquires Power Technology
Feb 2003
PARSIPPANY, N.J., Feb. 18 -- DRS Technologies Inc. announced today that its DRS Power & Control Technologies unit has acquired all of the outstanding stock of Power Technology Inc., a privately held company in Fitchburg, Mass. The purchase price was $35 million cash, with additional consideration payable upon securing certain future contract awards.

The company, which will be renamed DRS Power Technology Inc., produces high-performance, complex power systems and rotating machinery. Employing approximately 70 people, the business is concentrated in four major areas: Navy electric drive equipment, Navy main propulsion turbines, high-performance Navy pumps, and fuel cells and industrial equipment.

DRS Power Technology will be a subsidiary of the DRS Technologies’ DRS Power & Control Technologies unit and will operate as part of the company's power systems business, created as a result of DRS’s July 2002 acquisition of Eaton Corp.’s Navy Controls Div. and last month’s acquisition of Kaman Corp.’s Electromagnetics Development Center.

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