BAE SYSTEMS Reaches Definitive Agreement To Acquire MEVATEC Corporation
05 Feb 2003
BAE Systems North America today announced that it has reached a definitive agreement to purchase all of the stock of MEVATEC Corporation of Huntsville, Alabama for $82 million in cash, which includes an element of potential deferred consideration.
MEVATEC is a fast-growing provider of professional technical services to the Department of Defense; civilian, federal, state, and local government agencies; and commercial businesses. MEVATEC is a leader in missile defense, joint interoperability, outsourcing, and business process re-engineering.
The acquisition, which will be funded from existing cash and debt resources, will complement BAE Systems established business and will expand the company's professional services and engineering technology operations.
Mark Ronald, Chief Operating Officer, BAE Systems plc, and President and Chief Executive Officer, BAE Systems North America said, "The acquisition of MEVATEC is part of our strategic intent to focus on markets that will enhance the effectiveness of existing and future military systems. MEVATEC complements BAE Systems business in professional services and will help strengthen our position in the global engineering and technical services business."
In addition to its headquarters in Huntsville, Alabama, MEVATEC has facilities in 13 other locations across the United States and employs 500 people. MEVATEC had 2002 revenues of approximately $120 million.
Closing of the transaction is expected to occur within 45 days and is subject to completion of certain regulatory reviews and approvals.
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