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DRS Acquires Power Technology

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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...Read full article

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    Published: February 2003
    industrialNews & Features

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