Chemring Group Plc, a UK specialist manufacturer of decoy countermeasures and materials for the defence, security and safety markets, has acquired Non-Intrusive Inspection Technology, Inc. (NIITEK) for $30 million (£20 million).
Chemring Group Plc, a UK specialist manufacturer of decoy countermeasures and materials for the defence, security and safety markets, has acquired Non-Intrusive Inspection Technology, Inc. (NIITEK) for $30 million (£20 million).
Virginia-based NIITEK is a developer of robot and vehicle-mounted mine detection systems incorporating the Ground Penetrating Radar (GPR) and metal detection technologies.
The deal will expand Chemring’s presence in the US market and position it in the mine detection technology sector.
The terms of the transaction include up to $10 million for a working capital adjustment and performance-related payments dependent on NIITEK hitting its targets, the company said.
Chemring’s trading performance showed a turnover of $439 million last year. So far this year, the company has made a string of US defense firm acquisitions, including the purchase of Titan Dynamics Systems from Allied Defense Group Scot, Inc from SMS Industries, and Martin Electronics, Inc.
