Boeing to acquire systems engineering company Argon ST for $775 million
01 Jul 2010
Aerospace giant, The Boeing Company said yesterday that it will acquire defence technology company Argon ST for $775 million in cash.
Founded in 1997 and headquartered in Fairfax, Virginia, Argon ST develops sensors and networks designed to exploit, analyze and deliver information for real-time situational awareness.
Boeing said that it will fund the acquisition with existing cash and expects the transaction to close by the third quarter 2010.
In fiscal 2009, the company generated $366 million in revenues.
Argon ST has operating locations in Virginia, California, Michigan, Pennsylvania, Florida, Maryland and Texas, and has approximately 1,000 employees.
The agreement to acquire Argon ST, a leading developer of command, control, communications, computers, intelligence, surveillance, and reconnaissance (C4ISR) and combat systems, advances Boeing's growth strategy and expands the company's capabilities to address the C4ISR, cyber and intelligence markets.