Signal Solutions, Inc.
DRS Signal Solutions, Inc. (DRS-SS)is the legacy of the Watkins-Johnson Company. With more than 45 years experience leading technology development for the signal intelligence community, the company has established a standard of state-of-the-art-surveillance equipment that has become the benchmark of the industry. CEI became Watkins-Johnson Company in 1971, extending its RF performance leadership in the market while introducing digital signal processing capacities into the mix. Although in today’s marketplace, many companies tout their prowess in the DSP arena, few have developed the ability to integrate that high performance DSP with RF performance of similar caliber. Watkins-Johnson Company refined the techniques for tightly integrating these two capabilities into small packages. A series of acquisitions beginning in 2000 and ending with DRS Technologies acquiring the company in 2004 saw the division renamed DRS Signal Solutions, Inc. and its commitment to providing high performance signal intelligence equipment endures.
DRS-SS has a broad product profile covering all aspects of SIGINT. Major product areas include tuners, receivers, signal processing, subsystems, SATCOM, power amplifiers and microwave components. DRS-SS reinvests a significant portion of its revenue back into the company in the form of internal research and development. This in combination with extensive customer-funded research and development maintains the company at the leading edge of technology.
DRS-SS is in a unique position to supply proof of concept technology as well as define, design and develop the small, lightweight, low power software radio assets necessary to address the various mission requirements. Its background in SIGINT system development provides significant insight into the problems and necessary development to achieve high performance equipment under real world conditions. Its understanding of system tier problems, combined with its extensive experience in the development of high performance software defined receivers makes it an ideal partner.
Signal Solutions - Colorado
Catalina Research, Inc. (CRI) was founded in Colorado Springs, Colorado in 1990. In 2000, it was acquired by Paravant Inc., which was then acquired by DRS Technologies, Inc. (NYSE: DRS) in November 2002. Today, known as DRS Signal Solutions - Colorado (DRS-SSC), the company exists as a division of DRS Signal Solutions, a wholly owned subsidiary of DRS Technologies, Inc., with facilities in Colorado Springs, CO and Merrimack, NH. Throughout this time, DRS-SSC has continued to grow and is now recognized as the industry leader in digital signal processing solutions for the most demanding government and commercial applications.
Over the past 15 years, the company has built a portfolio of products to fulfill a wide variety of customers’ requirements, ranging from new designs, to reverse engineering of obsolete designs, to build-to-print efforts. Major product families include FPGA-based processing boards, FFT accelerators, and high performance I/O boards.
Mission Statement
The mission of DRS is to build stockholder value through a commitment to high ethical standards and a superior performance culture focused on customers, employees, financial results and corporate citizenship. We seek to earn the respect of our customers, suppliers, competitors and fellow employees through our commitment to the highest standards of ethics, quality and responsiveness. We work to enhance stockholder value through our commitment to internal growth and to the acquisition of companies that complement our business, expand our market position or benefit from the transfer of our technologies.
Vision Statement
It is the vision of DRS Technologies to be the leading defense technology company.
DRS strives to provide quality products and services and stand behind them, invest in research and development and new market opportunities, and leverage existing core defense programs and business areas. We have implemented an aggressive strategy for growth, focused on aligning the company with the Department of Defense's recapitalization and transformational efforts, building strategic alliances with other companies in the U.S. and abroad and pursuing synergistic acquisitions to further grow the business. By globalizing our market reach and partnering with industry leaders on high-priority programs, DRS Technologies will remain well positioned as a vibrant, mid-tier defense technology leader.
Finmeccanica Completes Acquisition of DRS Technologies for 5.2 billion U.S. dollars
Rome (Italy) and Parsippany (NJ-USA) - Finmeccanica, S.p.A. (Milan: FNC) ("Finmeccanica"), a world leader in the aerospace, defense and security industry, announced today to have successfully completed its acquisition of DRS Technologies, Inc. ("DRS"), a leading supplier of integrated defense electronics products, services and support. The acquisition received all the required regulatory approvals as well as the approval of DRS shareholders.
Finmeccanica purchased all outstanding shares of DRS for 81 U.S. dollars per share in cash. The enterprise value of the transaction is 5.2 billion U.S. dollars, including the assumption of approximately 1.6 billion U.S. dollars in outstanding indebtness (including the convertible notes). DRS will be known as DRS Technologies, a Finmeccanica Company.
"Today begins a new era for Finmeccanica", said Pier Francesco Guarguaglini, Chairman and Chief Executive Officer of Finmeccanica. "The acquisition of DRS further solidifies our position as a top-tier international competitor and reinforces our commitment to the U.S. market, industrial base and, most importantly, the American armed forces, establishing a strong transatlantic Defence Electronics capability".
"Finmeccanica's investment in DRS will allow the company to increase new business opportunities globally, accelerate growth while strengthening our presence in the United States", said Mark S. Newman, Chairman of the Board and Chief Executive Officer of DRS. "With an increased emphasis on research and development, DRS will continue to create new and innovative products that provide the American armed forces superior technology and value".
DRS will operate as a U.S. subsidiary of Finmeccanica under agreements with the U.S. Department of Defense, including a plan to mitigate foreign ownership control and influence (FOCI).
About Finmeccanica
Headquartered in Italy, Finmeccanica is a leading global high-tech company with core competencies in the design and manufacture of helicopters, civil and military aircraft, aero structures, satellites, space infrastructure, missiles and defense electronics and security. The company employs more than 60,000 people worldwide, including 2,100 employees at 32 sites in North America - not including DRS. For more information about Finmeccanica, please visit the company's website at www.finmeccanica.com.
About DRS Technologies
DRS Technologies, headquartered in Parsippany, New Jersey-USA, is a leading supplier of integrated products, services and support to military forces, government agencies and prime contractors worldwide. The company employs approximately 10,500 people. For more information about DRS, please visit the company's website at www.drs.com.
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995:This press release contains forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are based on management's beliefs and assumptions, current expectations, estimates and projections. Such statements, including statements relating to the combined Company's expectations for future financial performance, are not considered historical facts and are considered forward-looking statements under the federal securities laws. These statements may contain words such as "may," "will," "intend," "plan," "project," "expect," "anticipate,""could," "should," "would," "believe," "estimate," "contemplate," "possible" or similar expressions. These statements are not guarantees of the Company's future performance and are subject to risks, uncertainties and other important factors that could cause actual performance or achievements to differ materially from those expressed or implied by these forward-looking statements and include, without limitation, demand and competition for the Company's products and other risks or uncertainties. Given these uncertainties, you should not rely on forward looking statements. Such forward-looking statements speak only as of the date on which they were made, and the Company undertakes no obligations to update any forward-looking statements, whether as a result of new information, future events or otherwise. Personal needs greatly influence the choices we make every day. Young or old, single or married, our needs differ. If you are single with no children, you probably have different personal security needs than someone who is married with several children. When it comes to health benefits, traditional programs provide identical coverages for all categories of employees at the expense of individuals who don't always fit the mold. That's why DRS Signal Solutions wants to provide you with the freedom to select quality benefit options that work best for your situation.
DRS offers you a Benefits Plan that allows choice and flexibility. You can choose the benefits that are best for you and your family. It's an approach that reflects our commitment to making a difference. It's an approach that provides you with choices to invest in your health.
Our Web site provides a general overview of the health and lifestyle, retirement/savings, income protection, and paid leave benefits, as well as some of the extras available to eligible DRS Signal Solutions employees and their families. We encourage you to become familiar with what our benefits have to offer. Once you do, we're confident you'll understand just how much we value our employees.
Corporate Offices
DRS Technologies, Inc.
Corporate Headquarters
5 Sylvan Way
Parsippany, NJ 07054
973.898.1500
Fax: 973.898.4730
DRS Washington Navy Yard Office
Maritime Plaza I
1201 M Street SE, Suite 040
Washington, DC 20003
202.547.0438
Fax: 202.547.8141
DRS Washington Operations
251 18th Street South
Suite 1100
Arlington, VA 22202
703.416.8000
Fax: 703.416.8010
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