July 10 (UPI) -- Electronics company OSI Systems announced Monday the completion of its acquisition of Morpho global explosive trace detection business from Smiths Group PLC.
The transaction was completed for $75.5 million in cash, though the final amount is subject to a net working capital adjustment, the company said.
"We are pleased to complete our acquisition of the ETD business," Deepak Chopra, OSI Systems' chairman and chief executive officer, said in a press release. "This business is an excellent strategic fit consistent with our expansion strategy enabling us to continue to provide compelling value and service to our customers worldwide."
Morpho and OSI Systems are both involved in providing cargo and passenger screening devices and related services.
