Search
Menu
Rocky Mountain Instruments - Infrared Optics LB

DRS Acquires Power Technology

Facebook X LinkedIn Email
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.

For more information, visit: www.drs.com

Cognex Corp. - Smart Sensor 3-24 GIF MR

Published: February 2003
industrialNews & Features

We use cookies to improve user experience and analyze our website traffic as stated in our Privacy Policy. By using this website, you agree to the use of cookies unless you have disabled them.