Textron Buys UAV Makers AAI & Aerosonde

Shadow w. 56SBCT(click to view full) United Industrial Corporation designs, produces, and supports aerospace and defense systems through its wholly owned subsidiary, AAI Corporation of Hunt Valley, MD, and AAI Corporation’s direct and indirect wholly owned subsidiaries (AAI Services Corporation, Aerosonde Pty Ltd, Aerosonde North America Incorporated, ESL Defence Limited, McTurbine Inc., and Symtx, Inc.). It is probably best known for its Shadow UAV, which serves as the de facto battalion-level/Class II UAV in the USA’s current and future force, and for its OneSystem ground station that can control UAVs from several manufacturers. Other products and services include unmanned aircraft systems, aircraft and satellite test equipment, training systems, counter-sniper devices, armament systems, aviation ground support equipment, logistical and engineering services, and maintenance, repair and overhaul activities. The firm has 2,500 employees worldwide, with projected 2007 revenues of approximately $700 million. Now Textron Inc. of Providence, RI, has announced a definitive agreement to acquire UIC in a cash transaction valued at approximately $1.1 billion (inclusive of UIC stock expected to be issued to bondholders, pursuant to the terms of the $120 million 3.75% convertible senior notes issued by the company in September 2004). The per-share offer is a 7.1% premium to […]