ST. LOUIS, June 30 (UPI) -- Boeing is acquiring sensor-maker Argon ST in an all-cash offer and merger arrangement, the companies announced Wednesday.
The financial arrangement is $34.50 per share -- about $775 million, the companies said.
"Combining the strength of Boeing with the experience of Argon ST will significantly accelerate our capabilities in sensors, communications technologies and information management," Dennis Muilenburg, president and chief executive officer of Boeing Defense, Space and Security, said. "Today's announcement follows two years of partnering with Argon's talented employees who, like Boeing employees, take pride in developing and deploying world-class engineering solutions for our customers."
Argon ST, with about 1,000 employees, has headquarters in Virginia and develops sensors and networks for real-time situational awareness. Revenues generated in fiscal 2009 were $366 million. It has facilities in Texas, Maryland, Florida, Pennsylvania. Michigan and California.
The companies said the deal is expected to close by the end of the third quarter of this year.
