Textron to Buy UIC

Textron, Providence, R.I., said it will spend $1.1 billion to acquire unmanned aircraft vehicle manufacturer United Industrial Corp. (UIC), based in Hunt Valley, Md. The board of directors of both companies approved the transaction. The deal is expected to close during the fourth quarter. "This is an exciting new chapter for United Industrial. We have gained a solid reputation in our market niches and believe the merger with Textron will be a win-win for our customers and employees. It will allow us to be even more effective in delivering leading-edge innovative solutions to a growing list of satisfied customers," said Frederick M. Strader, president and CEO of UIC and AAI Corp. UIC makes UAVs for various customers including the U.S. Army. Other UIC products and services include training and simulation systems,  automated aerospace test and maintenance equipment and aviation ground support equipment.