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.
Saab, Lockheed win Army training simulation contact
Saab, in cooperation with Lockheed Martin, has won a U.S. Army contract for a combat vehicle training system.
Saab said on Monday that its portion of the Vehicle Tactical Engagement Simulation System, or VTESS, award contract includes the provision of laser simulators, detectors and electronics to help troops conduct live combat exercises using existing vehicles and weapons systems. … read more
