DETROIT, July 13 (UPI) -- The assets of Smith & Wesson Holding Corp.'s perimeter security division are being bought by FutureNet Security Solutions of Michigan.
Terms of the transaction for acquisition of Smith & Wesson Security Solutions Inc. were not disclosed, but the companies said the closing of the transaction was expected in about 30 days.
"SWSS adds an accomplished security solutions company to our existing capabilities that we believe will provide a compelling value to the federal government, an existing customer of ours," said Perry Mehta, chief executive officer of FutureNet Group Inc., the parent company of FNSS.
SWSS has completed more than $130 million in perimeter security projects at more than 110 military installations and for 16 distinct federal agencies as well as private customers over the past three years.
In the past it has also partnered with FNG for projects at Fort Knox, Ky., Aberdeen Proving Ground, Md., and Pensacola Naval Air Station in Florida.
"Our combination of past performance on projects, along with the strengths of our individual companies, should combine to enable FNSS to better serve our Federal Government and commercial clients," Mehta said.
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