DRS Technologies is a leading supplier of integrated products, services and support to military forces, intelligence agencies and prime contractors worldwide. Focused on defense technology, the Company develops, manufactures and supports a broad range of systems for mission critical and military sustainment requirements.
DRS serves all branches of the U.S. military, major aerospace and defense prime contractors, government intelligence agencies, international military forces, and industrial and homeland defense markets. DRS has demonstrated for 37 years that it has the agility, technology and focus to respond quickly to customers' needs. With a compound annual revenue growth rate of 32% over the past five years, DRS has been recognized as one of the fastest growing defense technology companies in the world.
DRS's systems are deployed on the most technologically advanced platform applications in the world. They serve on front-line U.S. Navy ships, submarines and aircraft carriers, Army vehicles, aircraft and ground forces, and Air Force platforms, as well as platforms operating in international force structures. DRS also responds to the needs of U.S. and allied military forces as they engage in day-to-day expeditionary activities. We focus our resources on innovation, quality, cost-effectiveness and superior value for our customers. This practice has earned DRS recognition as one of the best-managed defense companies today. It is our mission and responsibility to make the military's policies and visions a reality.
DRS Technologies is a publicly-held corporation, trading on the New York Stock Exchange under the symbol 'DRS.' Headquartered in Parsippany, New Jersey, the Company employs approximately 10,000 people worldwide, who are engaged in leading edge design, development, test, manufacturing, sustainment and technical support services. DRS is organized to directly address the military's mission requirements. Our organization consists of three operating segments: the Command, Control, Communications, Computers and Intelligence (C4I) Group, the Surveillance & Reconnaissance (SR) Group, and the Sustainment Systems & Services (S3) Group. Each Group is comprised of several major strategic business units, each supported by Company operational units located throughout the United States, Canada and Europe, with representation worldwide.
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, modernization 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 expects to remain well positioned as a vibrant, mid-sized defense technology leader.
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 mid-sized defense technology company.
DRS Technologies is committed to recruiting and retaining the best talent in the defense and aerospace industry and niche commercial technology areas. We offer an exciting and challenging work environment, a competitive salary and benefits package, and a business culture that rewards performance.
Through the C4I Group's four strategic businesses, we are established leaders in:
- C3 - Display systems, ship communications systems, radar, sensor and homeland security systems, technical support, electronic manufacturing and system integration services
- Power Systems - Naval and industrial power generation, conversion, propulsion, distribution and control systems
- Intelligence Technologies - Communications, surveillance and signals intelligence, including data collection, processing and dissemination equipment, and antenna control systems
- Tactical Systems - Battle management tactical and industrial computer systems and peripherals
Through the Surveillance and Reconnaissance Group's three strategic businesses, we are market leaders in:
- Reconnaissance, Surveillance and Target Acquisition (RSTA) - Thermal sighting, targeting and weapon sensor systems, electro-optical manufacturing services, image intensification (I2) night vision, combat identification and laser aimers/illuminator products, remote sensors and infrared countermeasures
- Training & Control Systems - Air combat training and simulation systems, threat emitters, ship networks, digital imaging systems, mission and flight recorders and unmanned vehicles
- Test & Energy Management - Electronic test, diagnostics and vehicle electronics
Through the Sustainment Systems & Services Group's two strategic businesses, we are established leaders in:
- Sustainment Systems – Environmental control systems, mobile electric power, battlefield systems integration, power conditioning, force projection, integrated trailers/shelters, ground support equipment/automatic test equipment, chemical/biological defense, integrated security systems, radar systems, and fuel and water distribution systems
- Support Services – Engineering and logistics services, technical documentation, manpower support, integrated communications services, supply chain management and security service
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. DRS Technologies is an Equal Opportunity Employer. Applicants are considered without regard to race, color, religion, creed, gender, national origin, age, disability, marital or veteran status, or any other legally protected status. The Company's policies regarding recruitment, hiring, compensation, benefits, promotions, transfers, training and all other personnel matters are free from discriminatory practices.
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