Defense and security company Saab AB on Wednesday announced a definitive agreement to acquire Sensis Corp., of Syracuse, N.Y., a provider of air traffic management (ATM) systems and surveillance technologies, for $155 million.
The companies said the acquisition will "strengthens Saab's existing offer within radar, sensors, ATM, and defense solutions and establishes a stronger market presence globally as well as in the U.S. The acquisition provides a growth platform from which Saab can build on the combined installed base and skills in systems engineering, design and integration. Sensis customers and partners will benefit from Saab's product portfolio and global support operations."
Sensis will continue operations in the United States as a subsidiary within the Saab Group.
"This acquisition is in line with our ambition to focus on selected markets and grow our core business. Sensis has complementing product lines and is well-positioned on several key markets. By combining our product portfolios, we gain a stronger position and broaden our market offering," says Hakan Buskhe, President and CEO, Saab AB.
The transaction is expected to be concluded in the third quarter of 2011.