ST. LOUIS, Sept. 14 /PRNewswire/ -- Westar Aerospace & Defense Group,
Inc., one of the nation's leading providers of technology solutions to the
Department of Defense, other government agencies, and aerospace customers,
announced today that it has agreed to be acquired by QinetiQ (pronounced
ki' ne tik), one of the world's largest science and technology companies. The
transaction, valued at approximately $130 million, will provide Westar and
QinetiQ customers with greater access to a broad range of technologies,
positioning both firms for growth.
"This agreement represents a huge opportunity for our customers, our
employees, and our company," said Rob Topping, president of Westar. "By
partnering with QinetiQ, our engineers, software developers, and analysts can
offer additional technology solutions and meet the evolving needs of the
Department of Defense and our other customers."
Under terms of the agreement, Westar will become a wholly owned subsidiary
of QinetiQ North America, QinetiQ's U.S. operating company, and will remain an
autonomous member of the QinetiQ Group, retaining Westar's core management
team, employees, and U.S. facilities. Westar's management will continue to
report to a separate, independent board of directors.
"Westar's record of 38 percent annual growth during the last five years
has been tremendous and we want that team to continue its success," said Dr.
David Anderson, president and chief executive officer of QinetiQ North
America. "Westar and QinetiQ are a truly remarkable fit. Both companies are
unequaled when it comes to commitment, customer service, and technological
Anderson said the acquisition also opens the possibility of additional
growth and employment in Westar, from the increased opportunities resulting
from access to QinetiQ's technology and through QinetiQ's access to fresh
markets in Europe. The transaction is subject to the customary regulatory
approvals. Pending such approvals, the transaction is expected to close before
the end of the year.
Greg Jones, partner of the Edgewater Funds, which is a significant
minority shareholder in Westar, said, "This is a great new chapter in the
company's history and will provide it with additional resources to move
forward. We're pleased to have helped Westar get to this point."
Headquartered in St. Louis with offices in Washington, D.C. and
Huntsville, Ala., Westar Aerospace & Defense Group and its operating
subsidiaries (Aerospace Filtration Systems, Inc., which produces products that
extend the lives of turbine engines; and Westar Display Technologies, Inc., a
supplier of image quality measurement and display performance improvement
products), currently have approximately 900 employees and approximately $140
million in annual revenue. Founded in 1986, Westar has substantial expertise
and a proven track record, offering synergistic, broad-based modeling and
simulation, systems engineering, IT, and programmatic and logistics solutions.
Visit http://www.westar.com for further information.
QinetiQ is Europe's largest science and technology solutions company,
employing more than 9,000 staff, including many of the UK's leading scientists
and internationally acclaimed experts. Founded from the laboratories of the UK
Ministry of Defense, QinetiQ operates in markets as diverse as information
technology, telecommunications, electronics, marine, energy, automotive, rail,
defense, space, health, oil & gas, and aerospace. QinetiQ's extensive
facilities include indoor and outdoor ranges, wind tunnels, marine testing
facilities, automotive test tracks, and climatic testing laboratories. Visit
http://www.QinetiQ.com for further information.
SOURCE Westar Aerospace & Defense Group, Inc.