MTC makes another deal
- By Roseanne Gerin
- Dec 28, 2004
MTC Technologies Inc. is buying Manufacturing Technology Inc. in a $61 million deal that will bring MTC increased capabilities to support military electronics and other systems, the company said.
The deal is expected to close in the first quarter of 2005. The purchase price consists of about $75 million in cash payments to MTI shareholders minus about $14 million in income tax benefits from the tax structure of the transaction.
Based in Fort Walton Beach, Fla., MTI is a privately held company that specializes in total life-cycle support for electronics and other systems used by the military and commercial customers. It employs about 450 workers and had $50 million in 2004 revenue in 2004. MTI's customers include the Air Force, Army and Navy and large prime defense contractors.
The MTI purchase is another step in MTC's acquisition program to ensure its growth. Earlier this year, MTC bought Command Technologies Inc., a Warrenton, Va., provider of professional and technical services to the Defense Department and national security agencies, for $38 million.
Based in Dayton, Ohio, MTC provides engineering, technical and management services to the Defense Department and national security agencies. It employs approximately 2,000 workers in more than 30 locations and posted 2003 revenue of $188.7 million. The company is No. 47 on Washington Technology's 2004 Top 100 list of federal prime contractors.