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New acquisitions announced in Europe

Atlas Elektronik and Patria Helicopters have announced new business acquisitions.
By Richard Tomkins   |   Sept. 2, 2014 at 11:32 AM   |   Comments

BREMEN, Germany, Sept. 2 (UPI) -- Germany's Atlas Elektronik GmbH has sold its sonar and hydrographic survey systems business to a subsidiary of Teledyne Technologies Incorporated.

Terms of the asset sale of Atlas Hydrographic GmbH to Teledyne Reson GmbH were not disclosed.

Atlas Elektronik said that with the sale of the hydrographic business, it will increase focus on the development of advanced military and civil security technologies and systems.

"In Teledyne Reson we have found the best owner for the Atlas Hydrographic GmbH's business," said Alexander Kocherscheidt, chief financial officer of Atlas Elektronik. "For us, it has been the primary management task to find a sustainable long-term perspective, especially for the people involved. In this regard, Teledyne Reson offers the best solution."

In other European acquisition news, Patria Helicopters AB has acquired Malmskogen Aerocenter AB, a Swedish maintenance, repair and overhaul business headquartered in Linköping, Sweden.

Terms of the transaction were not disclosed.

Patria said the acquisition "will secure the growing business focused on maintenance of helicopters, helicopter components and equipment as well as engines, upgrades and modifications, spare parts and electronic products."

Patria Helicopters is a subsidiary of Finland's Patria Group, which is owned by the Finnish government and the Airbus Group. It is located at Stockholm, Sweden, and is an authorized service center for Bell, AgustaWestland and Airbus Helicopter.

© 2014 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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