BAE to buy CPI for $58.5 million
- By William Welsh
- Oct 23, 2002
BAE Systems North America intends to acquire Condor Pacific Industries for $58.5 million in cash, the company announced Oct. 22. The transaction is expected to close in 60 days.
CPI of Westlake Village, Calif., manufactures inertial products for navigation, guidance and control. These products include the two-axis rate sensor for tactical missile seekers, and the multifunction sensor for subminiature, low-cost inertial measurement units.
Mark Ronald, president and chief executive officer of BAE Systems North America, said acquiring CPI is part of the company's strategy to focus on markets that will enhance the effectiveness of existing and future weapon systems.
"CPI complements BAE Systems business in military systems guidance and control and will help strengthen our position in the global military gyro business," he said.
BAE Systems North America is a unit of BAE Systems of Farnborough, U.K. BAE Systems has about 100,000 employees and annual revenue of $18 billion.
William Welsh is a freelance writer covering IT and defense technology.