DRS Technologies, Inc. was incorporated in Delaware in 1968 and opened for business early in 1969. The Company originally was established to design, develop, manufacture and market electronic signal processing and display systems and high-density recording systems for the U.S. defense department's antisubmarine warfare (ASW) program. These systems specifically were developed to detect, classify and locate submarines utilizing advanced acoustic signal processing methods, including spectrum analysis, digital filtering and display.
Recognizing the U.S. Navy’s need for enhanced acoustic submarine detection, DRS pioneered passive sonar submarine detection for the Navy's surface ships by developing a system that utilized narrowband signal processing. Until then, the primary method for acoustic detection was active sonar, which frequently gave away the surface ship’s position, making it a target for sub-launched torpedoes. The Company’s new system initially was deployed on the Navy's Essex class aircraft carriers, including the USS Wasp, where it succeeded in detecting and tracking a new class of quiet, nuclear-powered submarines that, until then, had evaded detection by existing sonar systems used by the U.S. military. The Navy then provided funding to DRS to install similar systems on its Intrepid, Yorktown, Saratoga and Ticonderoga aircraft carriers, and, later, more advanced systems on the FF-1040 and FF-1052 surface combatants.
In 1981, DRS became a publicly-held company and completed its first acquisition in 1984. To date, the Company has completed over 30 acquisitions. Through a disciplined acquisition strategy and an aggressive program of internal product development and new business initiatives, DRS has expanded its core technology base.
Today, 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. We provide high-technology products and services to 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. We focus on several key areas of importance for the U.S. Department of Defense (DoD), such as intelligence, surveillance, reconnaissance, power management, advanced communications, network systems, engineering and logistics, and sustainment of our forces.
Directly supporting the military's mission requirements, the Company’s systems are deployed on the most technologically advanced ship, aircraft and land vehicle platforms in the world. We focus our resources on innovation, quality, cost-effectiveness and superior value for our customers, which has earned DRS recognition as one of the best-managed defense companies today, as well as one of the fastest growing defense technology companies in the world. DRS employs approximately 10,000 people worldwide. DRS is a strong company that is aligned with future DoD requirements, which support mobile forces, sustainment, reset, modernization and transformation.
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. Bookmark this page and check back frequently for current job openings. Please send us an e-mail with an attached resume in .rtf format or as unformatted (ASCII) text.
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 discrim
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.
Our integrated products, systems and support services to 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’s broad range of mission critical systems and sustainment solutions uniquely position the Company to support the ongoing superiority of the military's Current Force, as well as the modernization and emerging transformation initiatives of the Future Force.
DRS’s products perform in sea-, air- and land-based applications and are deployed on hundreds of high-profile military platforms from dozens of countries. Leading platforms include Nimitz-class aircraft carriers, DDG-51 Aegis destroyers, LHD-8 Amphibious Assault Ships, M1A2 Abrams Main Battle Tanks, M2A3 Bradley Fighting Vehicles, Stryker Armored Vehicles, High-Mobility Multi-purpose Wheeled Vehicles (HMMWV), Challenger 2 Battle Tanks, OH-58D Kiowa Warrior helicopters, EH-101 Merlin helicopters, AH-64 Apache helicopters, F/A-18E/F Super Hornet jet fighters, F-16 Fighting Falcon jet fighters, C-130 Hercules cargo aircraft, Patriot and Tomahawk missile systems, and many more. DRS also supports future military platforms, such as the DD(X) destroyer, CVN-78 next generation aircraft carrier, Littoral Combat Ship (LCS), Virginia class submarine and Future Combat System.
DRS responds to the needs of U.S. and allied military forces, as they engage in day-to-day expeditionary activities, providing mobile electric power and rugged power conversion and conditioning systems; environmental systems, including fuel and water distribution, environmental control and chemical/biological defense capabilities; a wide range of combat support capabilities, such as heavy materiel handling systems, reconnaissance and surveillance systems integration, ground support and automatic test equipment, integrated trailers and shelters, security systems and radar systems; as well as support services that include integrated communications services, supply chain and lifecycle management, technical data management, engineering and logistics services, training, manpower support and security services.
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, Inc.
Corporate Headquarters
5 Sylvan Way
Parsippany, NJ 07054
phone: 973.898.1500
Fax: 973.898.4730
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