has conditionally agreed to acquire Florida-basedMartin Electronics
(MEI), a specialist manufacturer of ammunition, fuses, signalling and other pyrotechnically activated devices for use in the defence sector, for $70m.
Founded in 1954, MEI manufactures close combat products including training grenade fuses, pyrotechnics and specialist 40mm ammunition. Its customers include the
MEI will position Hants-based Chemring favourably within key niches in the
The sale and purchase agreement, which is likely to close by the end of July, is conditional upon the expiry of the thirty-day waiting period required by the Hart-Scott-Rodino and Exon-Florio rules.