FAIRFAX, Va., June 5 (UPI) -- U.S. company General Dynamics announced it has reached an agreement on plans to acquire sensor and camera developer Axsys Technologies Inc.
General Dynamics says its Advanced Information Systems unit has entered a definitive agreement to acquire Axsys Technologies. The acquisition deal, subject to approval by Axsys Technologies' shareholders and regulatory approvals, is for $54 per share and totaling $643 million.
Axsys Technologies is a developer of electro-optical and infrared sensors, systems and camera technologies for the defense and homeland security surveillance applications among others.
"Axsys Technologies delivers innovative, high-value products in a market segment that is strategic for General Dynamics Advanced Information Systems," Lou Von Thaer, General Dynamics Advanced Information Systems president, said in a statement.
"Adding Axsys Technologies' capabilities to our existing intelligence, surveillance and reconnaissance expertise will enable us to further strengthen our portfolio of offerings and discriminators in the high-growth tactical intelligence, surveillance and reconnaissance market."