14.09.2004, 16:46
Zitat:Westar Aerospace & Defense Group, Inc. to Be Acquired by QinetiQwww.defense-aerospace.com
(Source: Westar Aerospace & Defense Group; issued Sept. 13, 2004)
ST. LOUIS --- Westar Aerospace & Defense Group, Inc., one of the nation’s leading providers of technology solutions to the Department of Defense, other government agencies, and aerospace customers, announced today that it has agreed to be acquired by QinetiQ (pronounced ki’ ne tik), one of the world’s largest science and technology companies. The transaction, valued at approximately $130 million, will provide Westar and QinetiQ customers with greater access to a broad range of technologies, positioning both firms for growth.
“This agreement represents a huge opportunity for our customers, our employees, and our company,” said Rob Topping, president of Westar. “By partnering with QinetiQ, our engineers, software developers, and analysts can offer additional technology solutions and meet the evolving needs of the Department of Defense and our other customers.”
Under terms of the agreement, Westar will become a wholly owned subsidiary of QinetiQ North America, QinetiQ’s U.S. operating company, and will remain an autonomous member of the QinetiQ Group, retaining Westar’s core management team, employees, and U.S. facilities. Westar’s management will continue to report to a separate, independent board of directors.
“Westar’s record of 38 percent annual growth during the last five years has been tremendous and we want that team to continue its success,” said Dr. David Anderson, president and chief executive officer of QinetiQ North America. “Westar and QinetiQ are a truly remarkable fit. Both companies are unequaled when it comes to commitment, customer service, and technological leadership.”
Anderson said the acquisition also opens the possibility of additional growth and employment in Westar, from the increased opportunities resulting from access to QinetiQ’s technology and through QinetiQ’s access to fresh markets in Europe. The transaction is subject to the customary regulatory approvals. Pending such approvals, the transaction is expected to close before the end of the year.
Greg Jones, partner of the Edgewater Funds, which is a significant minority shareholder in Westar, said, “This is a great new chapter in the company’s history and will provide it with additional resources to move forward. We’re pleased to have helped Westar get to this point.”
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