9th May 2014 08:18
LONDON (Alliance News) - Defence company Chemring Group PLC Friday said it had bought Norway-based radar technology company 3d-Radar AS, a unit of Curtiss-Wright Corp, for USD3.0 million, or GBP1.8 million, in cash.
3d-Radar develops three-dimensional ground penetrating radar technology, which has been used in a number of markets including sub-surface imaging in road and railway maintenance and airport runway inspection.
"This small but strategically important acquisition consolidates Chemring's position as a world leader in (ground penetrating radar) technologies," Chemring Chief Executive Mark Papworth said in a statement. "This technology will enable us to further develop our route clearance offerings and to exploit significant opportunities in the commercial sector."
The company said it will fund the acquisition from existing cash resources.
Chemring shares were down 1.5% at 217 pence Friday morning.
By Steve McGrath; [email protected]; @SteveMcGrath1
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