Northrop Grumman announced today that it has acquired Fibersense Technology Corporation from Audax Group for $44 million in cash.
Fibersense, which has approximately 140 employees, designs and manufactures precision fibre optic gyroscopes (FOG), inertial measurement units and sensor components for missile, aircraft, sea and land applications.
The Fibersense business has expected 2003 revenue in excess of $30 million with solid double-digit growth anticipated for the next several years. Fibersense will be integrated into Northrop Grumman’s Navigation Systems Division headquartered in Woodland Hills, California.
‘The acquisition of Fibersense Technology enhances our ability to offer fibre optic gyroscope-based navigation systems and provide better situational awareness solutions to customers in the aerospace and defence markets,’ said Robert P. Iorizzo, president of Northrop Grumman’s Electronic Systems sector.
He added: ‘Fibersense Technology’s strong customer base and technical expertise will provide the platform for Northrop Grumman’s future FOG design and development.’