LOS ANGELES, Feb. 25 (UPI) -- Ducommun Inc is selling its Miltec Corporation subsidiary to General Atomics for $14.6 milion in cash to better focus on its core business.
The purchase price agreed to under a definitive agreement is subject to post-closing adjustments and is subject to customary closing conditions, Ducommun said.
"With the sale of Miltec, we are taking another proactive step in focusing our energy, attention and resources on the strategic areas that are core to Ducommun's growth and financial performance going forward," said Anthony J. Reardon, Ducommun chairman and chief executive officer. "We believe that our current portfolio is now better positioned to support our vision to provide unique, value-added solutions and technologies to the aerospace, defense and related end markets."
Miltec provides engineering, technical and program management services, mainly to the U.S. Department of Defense and U.S. intelligence agencies for advanced weapons systems and military defense systems. Last year it had sales of about $28.2 million.
Ducommun provides engineering and manufacturing services to the aerospace, defense and other industries.