JUNE 8, 2009--General Dynamics Advanced Information Systems (Fairfax, VA, USA; www.gd-ais.com), a business unit of General Dynamics, has entered into a definitive agreement to acquire Axsys Technologies (Rocky Hill, CT, USA; www.axsys.com) for $54 per share of Axsys Technologies' outstanding common stock. The cost of the transaction would be $643 million.
The proposed acquisition, which has been approved by the boards of directors of Axsys Technologies and General Dynamics, would be earnings-neutral in 2009 and accretive to General Dynamics' earnings thereafter. The transaction is subject to normal regulatory approvals as well as approval by Axsys Technologies' shareholders, and is expected to close during the third quarter of 2009.
Axsys is a designer and manufacturer of high-performance electro-optical and infrared (EO/IR) sensors and systems and multiaxis stabilized cameras. Its offerings are typically found in applications that demand fine optical surfaces, high accuracy, and tight motion-control tolerances, such as weapon systems, long-range surveillance cameras, and imaging telescopes.
General Dynamics Advanced Information Systems designs, develops, manufactures, integrates, operates, and maintains mission systems for defense, space, intelligence, surveillance, reconnaissance, homeland security, and homeland defense customers.
"Axsys Technologies delivers innovative, high-value products in a market segment that is strategic for General Dynamics Advanced Information Systems. Adding Axsys Technologies' capabilities to our existing intelligence, surveillance, and reconnaissance expertise will enable us to further strengthen our portfolio of offerings and discriminators in the high-growth tactical ISR market," says Lou Von Thaer, president of General Dynamics Advanced Information Systems.
"In addition, we look forward to maintaining and strengthening relationships with Axsys Technologies' existing customers, expanding and diversifying the technical products that General Dynamics is able to offer and pursuing new markets through collaboration among the product experts at each company," Von Thaer says.
Stephen W. Bershad, chairman of the board and CEO of Axsys Technologies, adds, "I am extremely proud of the organization that Axsys Technologies has become. Over the past several years we have successfully executed strategies aimed at making Axsys Technologies a premier supplier of optical solutions for surveillance, reconnaissance, and targeting applications, and as part of General Dynamics we will be even better positioned to capitalize on the substantial opportunities in our markets."
--Posted by Vision Systems Design
