DRS sells off two units to focus on defense business
- By Nick Wakeman
- Mar 11, 2005
DRS Technologies Inc. is divesting its broadcast and weather system divisions as part of a strategy to concentrate on its core defense technology business, the company said today.
DRS is selling two units back to Veritas Capital Fund of New York that DRS picked up when it acquired Integrated Defense Technologies Inc. from Veritas in 2003. The deal is worth $31.5 million.
"We believe their established customer bases will continue to be well served in the transfer of these operations to a buyer that is focused on their success and very familiar with them, having been a former owner," said Mark Newman, chairman, president and chief executive officer of DRS Technologies of Parsippany, N.J.
DRS Broadcast Technology of Dallas develops and manufactures radio frequency broadcast transmitters, systems and power amplifiers. DRS Weather Systems of Enterprise, Ala., develops and manufactures Doppler weather surveillance radar systems, receivers, components and software.
Jefferies Quarterdeck served as financial adviser to DRS on the sale of DRS Broadcast Technology. Houlihan Lokey Howard & Zukin served as financial adviser to DRS on the sale of DRS Weather Systems.
Nick Wakeman is the editor-in-chief of Washington Technology. Follow him on Twitter: @nick_wakeman.