General Dynamics Acquires Axsys for $643M
General Dynamics has agreed to pay $643 million to acquire Axsys Technologies, the world’s leading diamond turning optical manufacturer and a supplier of electro-optical and infrared (EO/IR) sensors and stabilized cameras to the U.S. military and homeland security agencies. General Dynamics Advanced Information Systems will pay $54 per share for Axsys’ outstanding common stock.
According to a General Dynamics spokeswoman, Axsys supplies electro-optical cameras, infrared sensors, and multi-axis stabilized sensors for the following U.S. military systems:
Remotely operated weapons stations: Axsys’ infrared lenses are used in the U.S. Army’s Protector remotely operated weapons stations (RWS), allowing soldiers inside to find and fire at targets while remaining inside their vehicle. Read “CROWS = Videogame + Vehicle + Real Guns” and “GM GDLS to Support US Remote Weapon Stations in Theater” for more.
The Tactical Satellite-3: TacSat-3 was developed to address the U.S. military’s need for a responsive and flexible space-based surveillance system. Axsys manufactures the telescope assembly for the satellite’s hyperspectral imaging sensor.
RQ-4 Global Hawk HALE UAV: Axsys makes beryllium imaging optics and optical structures for the surveillance telescope in the RQ-4 Global Hawk’s integrated sensor suite. These optics were part of a performance upgrade. Global Hawk provides high-resolution reconnaissance imagery from 60,000 feet.
Thermal Weapons Sight Program: Axsys is the primary supplier of infrared lenses used in the U.S. Army’s thermal weapons sight (TWS). Read “PAS-13 Thermal Weapon Sights On Order” for more details.
Axsys Technologies employs approximately 1,000 workers. It is based in Rocky Hill, CT and has facilities in Alabama, California, Michigan and New Hampshire. The company had a backlog of $162.1 million as of March 28/09, and anticipates 2009 sales of $280 million. General Dynamics/Axsys Technologies press release.