BAE Systems North America has agreed to the acquisition of Condor Pacific Industries (CPI) of Westlake Village, California, for $58.5 million. The acquisition will be funded from existing cash resources.
According to a statement, the acquisition has been driven by the growing defence focus on and demand for precision munitions both from a sensor technology and guidance systems perspective.
CPI manufactures inertial products for navigation, guidance and control, including ‘STARS,’ the world’s smallest Two-Axis Rate Sensor for tactical missile seekers and STAARS, the smallest multi-function sensor for sub-miniature, low-cost inertial measurement units.
In addition to its headquarters in Westlake Village, California, CPI has facilities in Cheshire, Connecticut, and Heath, Ohio.
Mark Ronald, Chief Operating Officer, BAE SYSTEMS plc, and President and Chief Executive Officer, BAE SYSTEMS North America said, ‘The acquisition of CPI is part of our strategic intent to focus on markets that will enhance the effectiveness of existing and future weapon systems.
‘CPI complements BAE SYSTEMS business in military systems guidance and control and will help strengthen our position in the global military gyro business.’
Closing of the transaction is expected to occur with 60 days and is subject to completion of all regulatory reviews and approvals.