ROCKVILLE, Md.--(BUSINESS WIRE)--BAE Systems has completed its acquisition of MTC Technologies, Inc. (MTC Technologies), a Dayton, Ohio-based company providing technical and professional services as well as equipment integration and modernization for the U.S. military and intelligence agencies, after receiving all required shareholder and regulatory approvals. The company announced it had entered into a definitive agreement to acquire MTC Technologies on December 24, 2007 in a transaction valued at approximately $450 million.
The acquisition of MTC Technologies enhances BAE Systems’ position as the premier global defense and aerospace company by growing its business in the United States – one of the company’s six home markets -- and by growing the company’s worldwide services businesses.
“We are continuing to see the benefits of a well executed global business strategy,” said Mike Turner, BAE Systems Chief Executive Officer. “The acquisition of MTC Technologies in the U.S. is further evidence of our intention to grow our business organically and by acquisition in each of our six home markets. It will expand our capability in the areas of readiness and sustainment, and makes us an even more effective provider of technical solutions and services.”
“The acquisition expands our capability to meet our customers’ most demanding needs. It will create an organization poised to deliver critical solutions and services to its customers throughout the U.S. Armed Forces and the U.S. intelligence community,” said Walt Havenstein, president and chief executive officer of BAE Systems, Inc.
MTC Technologies and its people become part of BAE Systems’ Customer Solutions operating group, headquartered in Arlington, Virginia, as part of the company’s Technology Solutions & Services (TSS) line of business.
The combination of MTC Technologies and BAE Systems creates a broad, complementary set of offerings, and positions the organization to deliver proven capabilities to a wider spectrum of customers. BAE Systems has long been recognized as a leading provider of solutions and services across a product’s life-cycle for the U.S. Navy, and the addition of MTC Technologies brings a similar expertise in supporting the U.S. Air Force and U.S. Army.
TSS provides services and solutions that support Department of Defense and Federal Agency customers with innovative solutions, anywhere in their product life-cycle, anywhere in the world.
Pursuant to the acquisition, MTC Technologies shareholders will receive $24.00 for each share of common stock held at closing, without interest.
About BAE Systems
BAE Systems is the premier global defense and aerospace company delivering a full range of products and services for air, land and naval forces, as well as advanced electronics, information technology solutions and customer support services. With 97,500 employees worldwide, BAE Systems' sales exceeded £15.7 billion (US$31.4 billion) in 2007.