March 8 (UPI) -- Leonardo is growing its presence in the United States through the acquisition of Daylight Solutions Inc., a quantum cascade laser company.
Leonardo DRS, the company's U.S. subsidiary, signed a definitive acquisition agreement under which it will pay $150 million for Daylight Solutions, a Virginia-based firm.
The purchase price includes an earn-out to be released to Daylight Solutions shareholders upon achievement of certain financial and operating targets for the year 2017.
"Acquisition of Daylight Solutions is a first significant step forward towards the objectives of growth and development of the (Leonardo) Industrial Plan 2017-2021," Mauro Moretti, Leonardo's chief executive officer and general manager, said in a press release. "This acquisition will allow Leonardo DRS to extend the range of advanced solutions to civil and military customers around the world, integrating the Daylight Solutions laser technology in the core business of electro-optical and infrared sensors and systems."
The integration of laser and sensor systems developed by the two companies can be used in a number of dual-use applications, including aircraft survivability products and medical diagnostics and chemical detection, Leonardo said.
"With this acquisition, Leonardo DRS reinforces its commitment to remain at the forefront of infrared technology to not only protect our men and women in uniform but also to perform critical tasks across a range of industries, including medical and industrial applications," said Bill Lynn, chief executive officer of Leonardo DRS.