VIENNA, Va., Aug. 17 (UPI) -- U.S. company Allied Defense Group has completed the sale of its NS Microwave unit to 3DRS International Inc. in a move to focus on its core business efforts.
Allied Defense Group announced the sale of NS Microwave as part of a strategic effort to eliminate business units not associated with its core ammunition operations.
Officials say the close on the sale of NS Microwave to 3DRS International marks the last divestiture of non-core assets in Allied Defense Group's portfolio.
"The sale of NS Microwave will positively impact our operations by providing additional cash to fund the working capital requirements of our rapidly expanding ammunition businesses," Deborah Ricci, Allied Defense Group chief financial officer, said in a statement.
"We are executing on our backlog, improving our operational efficiency, and expanding our market presence. As a result, we expect continued momentum in the business."
