Rockwell Collins acquires ITAC to enhance communications intelligence capabilities
Rockwell Collins, Inc. (NYSE: COL) has acquired Information Technology and Applications Corporation (ITAC), a privately-held engineering and products company that provides intelligence, surveillance, reconnaissance and communications solutions to support the global war on terror and homeland security.
“ITAC’s success in providing communications intelligence products and services to the Department of Defense and the national intelligence community complements our current offerings in this market segment,” said Rockwell Collins Chairman, President and CEO Clay Jones.
James Scrivener, ITAC’s founder, Chairman, President and CEO said, “The union, with the breadth and depth of Rockwell Collins’ communications technologies and global support capabilities, will allow ITAC to realize the true potential of its innovative products and technologies to provide actionable intelligence information to warfighters -- when they need it, anywhere in the world.”
Pursuant to the terms of the agreement, Rockwell Collins will acquire all outstanding shares of ITAC in a cash transaction worth approximately $38 million. Approximately 80 ITAC employees will join Rockwell Collins. This acquisition will not materially affect Rockwell Collins’ earnings for the fiscal years ending September 30, 2007 and 2008.
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